Corning Inc. (GLW) Reaches New 52-Week High at $21.85
Corning Inc. (NYSE:GLW) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $21.85 and last traded at $21.73, with a volume of 2,152,300 shares trading hands. The stock had previously closed at $21.65.
Several brokerages have issued reports on GLW. Bank of America Corp. reiterated a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Jefferies Group reiterated a “hold” rating on shares of Corning in a research note on Wednesday, April 27th. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Argus restated a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Finally, Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 28th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and a consensus price target of C$21.35.
The firm has a market capitalization of $24.01 billion and a PE ratio of 56.3722. 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 analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. On average, analysts expect that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.51%.
In other Corning news, VP Mark S. Rogus sold 10,896 shares of the stock in a transaction dated 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 C$2,144,496.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kirk P. Gregg sold 20,000 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now owns 154,629 shares of the company’s stock, valued at approximately C$3,104,950.32. The disclosure for this sale can be found here.
Other institutional investors have modified their holdings of the company. Boyer & Corporon Wealth Management LLC raised its position in shares of Corning by 24.1% in the fourth quarter. Boyer & Corporon Wealth Management LLC now owns 111,301 shares of the company’s stock worth $2,035,000 after buying an additional 21,633 shares in the last quarter. Catalyst Capital Advisors LLC raised its position in shares of Corning by 397,100.0% in the fourth quarter. Catalyst Capital Advisors LLC now owns 397,000 shares of the company’s stock worth $7,257,000 after buying an additional 397,100 shares in the last quarter. Cedar Hill Associates LLC raised its position in shares of Corning by 3.6% in the fourth quarter. Cedar Hill Associates LLC now owns 506,457 shares of the company’s stock worth $9,258,000 after buying an additional 17,800 shares in the last quarter. Stephens Inc. AR raised its position in shares of Corning by 116.0% in the fourth quarter. Stephens Inc. AR now owns 102,917 shares of the company’s stock worth $1,881,000 after buying an additional 55,268 shares in the last quarter. Finally, 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 worth $1,320,000 after buying an additional 5,725 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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