Corning Inc. (GLW) Shares Gap Up to $20.11
Corning Inc. (NYSE:GLW)’s share price gapped up before the market opened 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.
A number of equities analysts have weighed in on the stock. Vetr lowered 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 report on Tuesday, May 31st. Jefferies Group reiterated a “hold” rating on shares of Corning in a research report on Wednesday, April 27th. Morgan Stanley reiterated a “hold” rating on shares of Corning in a research report on Tuesday, April 26th. Bank of America Corp. reiterated a “sell” rating on shares of Corning in a research report on Saturday, April 9th. Finally, Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Corning has an average rating of “Hold” and an average price target of C$21.35.
The firm has a market cap of $22.49 billion and a PE ratio of 52.80. The company has a 50-day moving average of $20.35 and a 200-day moving average of $19.30.
Corning (NYSE:GLW) last released its earnings results on Tuesday, April 26th. The company reported $0.28 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.28. The firm earned $2.17 billion during the quarter, compared to analysts’ expectations of $2.23 billion. The company’s revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 earnings per share. On average, analysts predict that Corning Inc. will post $1.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Tuesday, May 31st were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, May 26th.
In related news, CAO Kirk P. Gregg sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of C$20.08, for a total value of C$401,600.00. Following the completion of the sale, the chief accounting officer now directly owns 154,629 shares of the company’s stock, valued at approximately C$3,104,950.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO R Tony Tripeny sold 7,500 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of C$21.17, for a total transaction of C$158,775.00. Following the completion of the sale, the chief financial officer now directly owns 48,221 shares of the company’s stock, valued at C$1,020,838.57. The disclosure for this sale can be found here.
A number of large investors have recently added to or reduced their stakes in GLW. Synovus Financial Corp raised its stake in 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 in the last quarter. Pitcairn Co. raised its stake in 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 in the last quarter. Tredje AP fonden raised its stake in Corning by 1.4% in the fourth quarter. Tredje AP fonden now owns 81,001 shares of the company’s stock valued at $1,481,000 after buying an additional 1,113 shares in the last quarter. TD Asset Management Inc. raised its stake in Corning by 0.4% in the fourth quarter. TD Asset Management Inc. now owns 578,697 shares of the company’s stock valued at $10,578,000 after buying an additional 2,447 shares in the last quarter. Finally, GAM Holding AG raised its stake in Corning by 2.3% in the fourth quarter. GAM Holding AG now owns 142,356 shares of the company’s stock valued at $2,602,000 after buying an additional 3,169 shares in the last quarter.
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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