Traders Sell Shares of Corning Inc. (GLW) on Strength (GLW)
Investors sold shares of Corning Inc. (NYSE:GLW) on strength during trading hours on Monday. $17.53 million flowed into the stock on the tick-up and $62.92 million flowed out of the stock on the tick-down, for a money net flow of $45.39 million out of the stock. Of all equities tracked, Corning had the 0th highest net out-flow for the day. Corning traded up $0.16 for the day and closed at $22.80
GLW has been the subject of several research reports. Vetr cut shares of Corning from a “hold” rating to a “sell” rating and set a $21.30 price target for the company. in a research note on Thursday, July 28th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and decreased 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. Bank of America Corp. cut shares of Corning from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $42.00 to $28.00 in a research note on Friday, June 10th. Finally, Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Thursday, April 21st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and a consensus target price of C$22.02.
The firm has a 50 day moving average price of $21.14 and a 200-day moving average price of $19.92. The stock has a market capitalization of $23.64 billion and a P/E ratio of 12.56.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates 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 previous year, the company earned $0.38 earnings per share. On average, analysts forecast that Corning Inc. will post $1.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date is Monday, August 29th.
In related news, CAO Kirk P. Gregg sold 20,000 shares of the 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the sale, the chief executive officer now directly owns 68,250 shares of the company’s stock, valued at C$1,515,832.50. The disclosure for this sale can be found here.
A number of large investors recently added to or reduced their stakes in the stock. Boyer & Corporon Wealth Management LLC raised its stake in 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 during the last quarter. Investment Management of Virginia LLC raised its stake in 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 during the last quarter. US Bancorp DE raised its stake in Corning by 18.5% in the fourth quarter. US Bancorp DE now owns 401,669 shares of the company’s stock worth $7,343,000 after buying an additional 62,590 shares during the last quarter. Pitcairn Co. raised its stake in 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 last quarter. Finally, Cedar Hill Associates LLC raised its stake in 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 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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