Corning Inc. (GLW) Reaches New 1-Year High at $21.60
Corning Inc. (NYSE:GLW) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $21.60 and last traded at $21.58, with a volume of 2,684,808 shares. The stock had previously closed at $21.32.
Several research analysts have commented on the stock. Argus reiterated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Bank of America Corp. reiterated a “sell” rating on shares of Corning in a report on Saturday, April 9th. Susquehanna boosted their price target on shares of Corning from $22.00 to $24.00 and gave the stock a “positive” rating in a report on Monday, March 28th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target for the company in a report on Monday, June 27th. Finally, Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and lowered their price target for the stock from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of C$21.35.
The stock’s 50-day moving average price is $20.61 and its 200 day moving average price is $19.45. The company has a market capitalization of $23.25 billion and a price-to-earnings ratio of 54.60.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 26th. The company reported $0.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.28. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.23 billion. During the same period in the previous year, the company earned $0.35 EPS. The firm’s revenue for the quarter was down 10.7% compared to the same quarter last year. Analysts forecast that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Tuesday, May 31st were issued 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 2.53%.
In other news, CAO Kirk P. Gregg sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of C$20.08, for a total transaction of C$401,600.00. Following the completion of the transaction, the chief accounting officer now directly owns 154,629 shares in the company, valued at C$3,104,950.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO R Tony Tripeny sold 7,500 shares of the company’s 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 value of C$158,775.00. Following the transaction, the chief financial officer now 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.
Several hedge funds and institutional investors have modified their holdings of GLW. Park National raised its position in shares of 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. Commerzbank Aktiengesellschaft FI raised its position in shares of 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. OppenheimerFunds Inc. raised its position in shares of Corning by 2.9% in the fourth quarter. OppenheimerFunds Inc. now owns 1,028,667 shares of the company’s stock worth $18,810,000 after buying an additional 28,667 shares during the period. Heartland Advisors Inc. raised its position in shares of Corning by 61.4% in the fourth quarter. Heartland Advisors Inc. now owns 213,794 shares of the company’s stock worth $3,908,000 after buying an additional 81,329 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Corning by 22.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 498,080 shares of the company’s stock worth $9,105,000 after buying an additional 90,837 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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