Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells 103,437 Shares of Stock

Corning Incorporated (NYSE:GLW) VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Corning Price Performance

Shares of NYSE GLW traded down $0.02 during mid-day trading on Tuesday, hitting $33.42. 3,997,426 shares of the company’s stock traded hands, compared to its average volume of 4,860,801. The company’s 50-day moving average is $32.38 and its two-hundred day moving average is $30.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning Incorporated has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a market capitalization of $28.63 billion, a P/E ratio of 47.10, a PEG ratio of 1.71 and a beta of 1.07.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS. On average, equities analysts anticipate that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research reports. UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. HSBC lowered Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Mizuho assumed coverage on shares of Corning in a report on Tuesday. They issued a “neutral” rating and a $36.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Finally, Barclays raised their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $35.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLW. Alaska Permanent Fund Corp raised its position in shares of Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after acquiring an additional 329 shares during the period. Level Four Advisory Services LLC grew its holdings in Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares during the period. Madison Asset Management LLC increased its position in shares of Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after buying an additional 349 shares in the last quarter. Patron Partners LLC lifted its position in shares of Corning by 2.4% during the 1st quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock valued at $487,000 after buying an additional 349 shares in the last quarter. Finally, First Trust Direct Indexing L.P. increased its holdings in Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock worth $303,000 after acquiring an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.