Corning Inc. (GLW) Reaches New 12-Month High at $22.73
Corning Inc. (NYSE:GLW) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $22.73 and last traded at $22.71, with a volume of 3,996,626 shares traded. The stock had previously closed at $22.38.
A number of research analysts have issued reports on the company. Vetr lowered Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target for the company. in a research report on Tuesday, May 31st. Morgan Stanley reissued a “hold” rating on shares of Corning in a research note on Tuesday, April 26th. Jefferies Group reissued a “hold” rating on shares of Corning in a research note on Wednesday, April 27th. Bank of America Corp. reissued a “sell” rating on shares of Corning in a research note on Saturday, April 9th. Finally, Argus reissued a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus target price of C$22.02.
The firm has a market cap of $23.47 billion and a PE ratio of 12.47. The firm’s 50-day moving average is $21.07 and its 200-day moving average is $19.83.
Corning (NYSE:GLW) last released its quarterly 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 business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. On average, equities research analysts predict that Corning Inc. will post $1.42 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be given a $0.135 dividend. 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 2.39%.
In other news, VP Eric S. Musser sold 56,853 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Kirk P. Gregg sold 20,000 shares of the firm’s stock in a transaction on Thursday, May 26th. The stock was sold at an average price of C$20.08, for a total value of C$401,600.00. Following the completion of the transaction, the chief accounting officer now owns 154,629 shares in the company, valued at C$3,104,950.32. The disclosure for this sale can be found here.
Other hedge funds and institutional investors recently bought and sold shares of the company. American International Group Inc. raised its position in Corning by 5.5% in the fourth quarter. American International Group Inc. now owns 696,430 shares of the company’s stock valued at $12,730,000 after buying an additional 36,474 shares in the last quarter. Montag A & Associates Inc. increased its stake in shares of Corning by 0.7% in the fourth quarter. Montag A & Associates Inc. now owns 116,665 shares of the company’s stock valued at $2,133,000 after buying an additional 840 shares during the last quarter. Boyer & Corporon Wealth Management LLC increased its stake 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 valued at $2,035,000 after buying an additional 21,633 shares during the last quarter. Catalyst Capital Advisors LLC increased its stake 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 valued at $7,257,000 after buying an additional 397,100 shares during the last quarter. Finally, Cedar Hill Associates LLC increased its stake 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 valued at $9,258,000 after buying an additional 17,800 shares during 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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