Corning Inc. (GLW) Hits New 52-Week High at $21.39
Corning Inc. (NYSE:GLW) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $21.39 and last traded at $21.38, with a volume of 2,419,097 shares trading hands. The stock had previously closed at $20.99.
GLW has been the subject of a number of recent research reports. Vetr upgraded Corning from a “sell” rating to a “strong-buy” rating and set a $21.88 target price for the company in a research note on Monday, March 14th. Drexel Hamilton restated a “hold” rating and issued a $16.50 target price on shares of Corning in a research note on Tuesday, March 22nd. Susquehanna increased their price objective on Corning from $22.00 to $24.00 and gave the stock a “positive” rating in a research note on Monday, March 28th. Deutsche Bank AG reiterated a “buy” rating and set a $23.00 price objective (up from $21.00) on shares of Corning in a research note on Friday, April 8th. Finally, Bank of America Corp. reiterated a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Two 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 issued a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and an average target price of C$21.35.
The stock has a 50-day moving average price of $20.39 and a 200 day moving average price of $19.33. The company has a market cap of $23.04 billion and a PE ratio of 54.104.
Corning (NYSE:GLW) last released its earnings results on Tuesday, April 26th. The company reported $0.28 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.28. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.23 billion. The business’s revenue was down 10.7% compared to the same quarter last year. On average, equities analysts expect that Corning Inc. will post $1.36 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Tuesday, May 31st were given a dividend of $0.135 per share. The ex-dividend date was Thursday, May 26th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.57%.
In other news, CFO R Tony Tripeny sold 7,500 shares of the company’s stock in a transaction 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 in the company, valued at approximately C$1,020,838.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Kirk P. Gregg sold 24,000 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 178,629 shares of the company’s stock, valued at C$3,738,704.97. The disclosure for this sale can be found here.
Several institutional investors have bought and sold shares of the company. Park National boosted its position in Corning by 6.4% in the fourth quarter. Park National now owns 625,901 shares of the company’s stock worth $11,441,000 after buying an additional 37,868 shares during the period. Sei Investments Co. boosted its position in Corning by 804.1% in the fourth quarter. Sei Investments Co. now owns 428,723 shares of the company’s stock worth $7,837,000 after buying an additional 381,304 shares during the period. TD Asset Management Inc. boosted its position in Corning by 0.4% in the fourth quarter. TD Asset Management Inc. now owns 578,697 shares of the company’s stock worth $10,578,000 after buying an additional 2,447 shares during the period. Commerzbank Aktiengesellschaft FI boosted its position in Corning by 97.5% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 80,185 shares of the company’s stock worth $1,466,000 after buying an additional 39,578 shares during the period. Finally, Staley Capital Advisers Inc. boosted its position in Corning by 1.2% in the fourth quarter. Staley Capital Advisers Inc. now owns 1,297,623 shares of the company’s stock worth $23,721,000 after buying an additional 14,911 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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