Corning Inc. (GLW) Shares Down 3.7%
Corning Inc. (NYSE:GLW)’s share price fell 3.7% on Wednesday . The stock traded as low as $20.76 and last traded at $20.91, with a volume of 9,045,885 shares trading hands. The stock had previously closed at $21.71.
Several research firms recently weighed in on GLW. Argus restated a “buy” rating on shares of Corning in a report on Sunday, June 12th. Bank of America Corp. reaffirmed a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Vetr raised shares of Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target on the stock in a research note on Monday, June 27th. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and dropped their price target for the stock from $21.03 to $14.50 in a research note on Friday, June 10th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of C$21.35.
The stock has a market capitalization of $23.11 billion and a PE ratio of 54.27. The stock’s 50-day moving average price is $20.71 and its 200-day moving average price is $19.61.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. During the same period in the prior year, the company posted $0.38 earnings per share. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Corning’s quarterly revenue was up .7% on a year-over-year basis. On average, equities research analysts predict that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Monday, August 29th.
In other Corning news, CAO Kirk P. Gregg sold 20,000 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Kirk P. Gregg sold 24,000 shares of the stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of C$20.93, for a total transaction of C$502,320.00. Following the completion of the sale, the chief accounting officer now directly 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.
Other hedge funds recently modified their holdings of the company. Pitcairn Co. increased its stake in shares of Corning by 1.4% in the fourth quarter. Pitcairn Co. now owns 67,032 shares of the company’s stock worth $1,226,000 after buying an additional 952 shares during the period. Tredje AP fonden increased its stake in shares of Corning by 1.4% in the fourth quarter. Tredje AP fonden now owns 81,001 shares of the company’s stock worth $1,481,000 after buying an additional 1,113 shares during the period. GAM Holding AG increased its stake in shares of Corning by 2.3% in the fourth quarter. GAM Holding AG now owns 142,356 shares of the company’s stock worth $2,602,000 after buying an additional 3,169 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Corning by 5.7% in the fourth quarter. Advisors Asset Management Inc. now owns 80,255 shares of the company’s stock worth $1,467,000 after buying an additional 4,302 shares during the period. Finally, Bragg Financial Advisors Inc increased its stake in shares of Corning by 2.0% in the fourth quarter. Bragg Financial Advisors Inc now owns 223,258 shares of the company’s stock worth $4,081,000 after buying an additional 4,340 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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