Corning Inc. (GLW) Sees Unusually-High Trading Volume
Shares of Corning Inc. (NYSE:GLW) saw unusually-high trading volume on Friday . Approximately 41,661,511 shares changed hands during trading, an increase of 263% from the previous session’s volume of 11,482,061 shares.The stock last traded at $22.22 and had previously closed at $22.29.
GLW has been the topic of a number of recent analyst reports. Deutsche Bank AG reiterated a “buy” rating and set a $23.00 price target (up from $21.00) on shares of Corning in a report on Friday, April 8th. Bank of America Corp. restated a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Goldman Sachs Group Inc. upgraded Corning from a “neutral” rating to a “buy” rating and boosted their target price for the company from $19.00 to $26.00 in a research note on Tuesday, April 12th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Thursday, April 21st. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $23.17 target price on the stock in a research note on Tuesday, April 26th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of C$21.66.
The firm’s 50 day moving average price is $20.78 and its 200-day moving average price is $19.67. The company has a market capitalization of $23.04 billion and a P/E ratio of 12.24.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Corning’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.38 earnings per share. On average, equities research analysts expect that Corning Inc. will post $1.40 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be issued a $0.135 dividend. The ex-dividend date is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.43%.
In other Corning news, CAO Kirk P. Gregg sold 20,000 shares of the firm’s 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 sale, the chief accounting officer now directly owns 154,629 shares of the company’s stock, valued at C$3,104,950.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Mark S. Rogus sold 10,896 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of C$21.18, for a total value of C$230,777.28. Following the sale, the vice president now directly owns 101,251 shares in the company, valued at C$2,144,496.18. The disclosure for this sale can be found here.
A number of large investors have bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. boosted its stake in Corning by 19.6% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 159,557 shares of the company’s stock worth $2,917,000 after buying an additional 26,099 shares in the last quarter. Park National boosted its stake 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 in the last quarter. GAM Holding AG boosted its stake in 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 in the last quarter. OppenheimerFunds Inc. boosted its stake in 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 in the last quarter. Finally, Edge Asset Management Inc. boosted its stake in Corning by 5.5% in the fourth quarter. Edge Asset Management Inc. now owns 530,781 shares of the company’s stock worth $9,702,000 after buying an additional 27,831 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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