Corning Inc. (GLW) Reaches New 1-Year High at $23.00
Corning Inc. (NYSE:GLW) reached a new 52-week high on Thursday . The company 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.
GLW has been the topic of a number of recent analyst reports. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Monday, April 18th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Thursday, April 21st. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $23.17 price target on the stock in a report on Tuesday, April 26th. Susquehanna reaffirmed a “positive” rating and set a $23.00 price target (down previously from $24.00) on shares of Corning in a report on Wednesday, April 27th. Finally, Drexel Hamilton reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, April 27th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of C$22.02.
The firm has a 50-day moving average of $21.41 and a 200-day moving average of $20.05. The stock has a market cap of $23.71 billion and a PE ratio of 12.60.
Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Corning’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 earnings per share. On average, equities analysts anticipate that Corning Inc. will post $1.42 earnings per share for the current 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 paid a dividend of $0.135 per share. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a yield of 2.36%.
In other Corning news, CAO Kirk P. Gregg sold 20,000 shares of the company’s stock in a transaction dated Thursday, May 26th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO R Tony Tripeny sold 7,500 shares of the company’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of C$21.17, for a total transaction of C$158,775.00. Following the sale, the chief financial officer now directly owns 48,221 shares in the company, valued at C$1,020,838.57. The disclosure for this sale can be found here.
Several institutional investors recently made changes to their positions in the company. Victory Capital Management Inc. raised its position in shares of Corning by 40.9% in the fourth quarter. Victory Capital Management Inc. now owns 58,314 shares of the company’s stock worth $1,066,000 after buying an additional 16,932 shares during the last quarter. Calvert Investment Management Inc. raised its position in shares of Corning by 31.8% in the fourth quarter. Calvert Investment Management Inc. now owns 59,033 shares of the company’s stock worth $1,079,000 after buying an additional 14,241 shares during the last quarter. Investment Management of Virginia LLC raised its position in shares of 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. Marshall Wace LLP bought a new position in shares of Corning during the fourth quarter worth about $1,427,000. Finally, Advisors Asset Management Inc. raised its position in shares of Corning by 5.7% in the fourth quarter. Advisors Asset Management Inc. now owns 80,255 shares of the company’s stock worth $1,467,000 after buying an additional 4,302 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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