Corning (NYSE:GLW) Trading Down 0.2%

Corning Incorporated (NYSE:GLW)’s share price was down 0.2% on Wednesday . The company traded as low as $43.81 and last traded at $43.98. Approximately 1,320,663 shares were traded during trading, a decline of 78% from the average daily volume of 5,933,021 shares. The stock had previously closed at $44.06.

Analysts Set New Price Targets

Several research analysts have commented on GLW shares. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target on the stock in a research report on Monday, June 17th. UBS Group upped their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Oppenheimer reiterated an “outperform” rating and set a $50.00 price objective (up previously from $40.00) on shares of Corning in a research note on Wednesday, July 10th. Finally, Mizuho upped their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus target price of $43.38.

Corning Stock Performance

The company has a market capitalization of $36.71 billion, a price-to-earnings ratio of 60.32, a price-to-earnings-growth ratio of 1.62 and a beta of 1.05. The company’s fifty day simple moving average is $39.70 and its two-hundred day simple moving average is $34.80. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. Equities research analysts predict that Corning Incorporated will post 1.94 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.61%. Corning’s payout ratio is 157.75%.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Martin J. Curran sold 16,416 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the completion of the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock worth $5,876,067. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

A number of institutional investors have recently made changes to their positions in the stock. HB Wealth Management LLC lifted its holdings in shares of Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the period. CVA Family Office LLC bought a new stake in Corning in the fourth quarter worth about $50,000. Pacer Advisors Inc. lifted its holdings in Corning by 17.4% in the 4th quarter. Pacer Advisors Inc. now owns 56,883 shares of the electronics maker’s stock valued at $1,732,000 after acquiring an additional 8,433 shares during the last quarter. Blue Trust Inc. lifted its holdings in Corning by 10.1% in the 4th quarter. Blue Trust Inc. now owns 14,772 shares of the electronics maker’s stock valued at $450,000 after acquiring an additional 1,356 shares during the last quarter. Finally, Caprock Group LLC boosted its position in shares of Corning by 38.9% during the 4th quarter. Caprock Group LLC now owns 24,056 shares of the electronics maker’s stock valued at $733,000 after purchasing an additional 6,733 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.