Corning Inc. (GLW) Sees Large Volume Increase
Corning Inc. (NYSE:GLW) shares saw strong trading volume on Monday . 21,540,284 shares traded hands during mid-day trading, an increase of 108% from the previous session’s volume of 10,360,886 shares.The stock last traded at $22.80 and had previously closed at $22.64.
Several equities analysts have recently commented on the stock. Vetr cut shares of Corning from a “hold” rating to a “sell” rating and set a $21.30 target price for the company. in a research report on Thursday, July 28th. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and dropped their target price for the company from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Bank of America Corp. cut shares of Corning from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $42.00 to $28.00 in a research report on Friday, June 10th. Finally, Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Thursday, April 21st. 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 assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of C$22.02.
The stock has a 50-day moving average of $21.14 and a 200 day moving average of $19.92. The company has a market cap of $23.64 billion and a price-to-earnings ratio of 12.56.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The company’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities research analysts predict that Corning Inc. will post $1.42 EPS 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 paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Monday, August 29th.
In other Corning news, VP Mark S. Rogus sold 10,896 shares of Corning stock in a transaction that occurred on 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 transaction, the vice president now directly owns 101,251 shares of the company’s stock, valued at C$2,144,496.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Kirk P. Gregg sold 20,000 shares of Corning 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 transaction, the chief accounting officer now directly 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 have bought and sold shares of the company. Victory Capital Management Inc. increased its position in Corning by 40.9% in the fourth quarter. Victory Capital Management Inc. now owns 58,314 shares of the company’s stock valued at $1,066,000 after buying an additional 16,932 shares during the period. Pitcairn Co. increased its position in Corning by 1.4% in the fourth quarter. Pitcairn Co. now owns 67,032 shares of the company’s stock valued at $1,226,000 after buying an additional 952 shares during the period. Investment Management of Virginia LLC increased its position in Corning by 8.6% in the fourth quarter. Investment Management of Virginia LLC now owns 72,225 shares of the company’s stock valued at $1,320,000 after buying an additional 5,725 shares during the period. Marshall Wace LLP acquired a new position in Corning during the fourth quarter valued at approximately $1,427,000. Finally, Advisors Asset Management Inc. increased its position in Corning by 5.7% in the fourth quarter. Advisors Asset Management Inc. now owns 80,255 shares of the company’s stock valued at $1,467,000 after buying an additional 4,302 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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