Corning Inc. (GLW) Shares Gap Up to $20.11
Shares of Corning Inc. (NYSE:GLW) gapped up prior to trading on Thursday . The stock had previously closed at $19.85, but opened at $20.11. Corning shares last traded at $20.47, with a volume of 3,215,534 shares traded.
Several research firms have commented on GLW. Vetr cut shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 target price for the company. in a research note on Tuesday, May 31st. Jefferies Group reaffirmed a “hold” rating on shares of Corning in a research note on Wednesday, April 27th. Morgan Stanley reaffirmed a “hold” rating on shares of Corning in a research note on Tuesday, April 26th. Bank of America Corp. reaffirmed a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Finally, Argus reaffirmed a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of C$21.33.
The firm has a 50 day moving average of $20.29 and a 200-day moving average of $19.28. The company has a market capitalization of $21.96 billion and a P/E ratio of 51.57.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 26th. The company reported $0.28 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.28. The company earned $2.17 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same quarter in the prior year, the company posted $0.35 EPS. The firm’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, analysts forecast that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Tuesday, May 31st were paid a $0.135 dividend. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $0.54 annualized dividend and a yield of 2.64%.
In other Corning news, CAO Kirk P. Gregg sold 24,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of C$20.93, for a total value of C$502,320.00. Following the transaction, the chief accounting officer now owns 178,629 shares in the company, valued at approximately C$3,738,704.97. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Mark S. Rogus sold 10,896 shares of the company’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of C$21.18, for a total transaction of C$230,777.28. Following the completion of the transaction, the vice president now owns 101,251 shares in the company, valued at approximately C$2,144,496.18. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Corning by 40.9% in the fourth quarter. Victory Capital Management Inc. now owns 58,314 shares of the company’s stock valued at $1,066,000 after buying an additional 16,932 shares during the period. Pitcairn Co. raised its position in shares of Corning by 1.4% in the fourth quarter. Pitcairn Co. now owns 67,032 shares of the company’s stock valued at $1,226,000 after buying an additional 952 shares during the period. Investment Management of Virginia LLC raised its position in shares of Corning by 8.6% in the fourth quarter. Investment Management of Virginia LLC now owns 72,225 shares of the company’s stock valued at $1,320,000 after buying an additional 5,725 shares during the period. Marshall Wace LLP acquired a new position in shares of Corning during the fourth quarter valued at approximately $1,427,000. Finally, Synovus Financial Corp raised its position in shares of Corning by 1.0% in the fourth quarter. Synovus Financial Corp now owns 79,197 shares of the company’s stock valued at $1,447,000 after buying an additional 820 shares during the period.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences. Corning operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide more than 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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