Corning Inc. (GLW) Hits New 52-Week High at $23.00
Corning Inc. (NYSE:GLW)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $23.00 and last traded at $22.99, with a volume of 2,630,290 shares trading hands. The stock had previously closed at $22.83.
Several research firms recently issued reports on GLW. Vetr cut shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 target price for the company. in a research note on Tuesday, May 31st. Morgan Stanley restated a “hold” rating on shares of Corning in a research report on Tuesday, April 26th. Jefferies Group restated a “hold” rating on shares of Corning in a research report on Wednesday, April 27th. Bank of America Corp. restated a “sell” rating on shares of Corning in a research report on Wednesday, May 4th. Finally, Argus restated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of C$22.02.
The stock’s 50 day moving average price is $21.29 and its 200 day moving average price is $19.99. The stock has a market capitalization of $23.80 billion and a PE ratio of 12.64.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the business posted $0.38 EPS. Corning’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts expect that Corning Inc. will post $1.42 EPS 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 issued 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 news, VP Martin J. Curran sold 18,000 shares of Corning stock in a transaction on Monday, August 8th. The stock was sold at an average price of C$22.89, for a total transaction of C$412,020.00. Following the completion of the transaction, the vice president now owns 34,052 shares of the company’s stock, valued at approximately C$779,450.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Eric S. Musser sold 56,853 shares of Corning 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 of the company’s stock, valued at approximately C$574,752.41. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the company. Boyer & Corporon Wealth Management LLC increased its position in 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 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. US Bancorp DE increased its position in Corning by 18.5% in the fourth quarter. US Bancorp DE now owns 401,669 shares of the company’s stock valued at $7,343,000 after buying an additional 62,590 shares during the period. River Road Asset Management LLC purchased a new position in Corning during the fourth quarter valued at about $63,631,000. Finally, Cedar Hill Associates LLC increased its position in 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 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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