Corning Inc. (GLW) Sets New 12-Month High at $21.39
Corning Inc. (NYSE:GLW) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $21.39 and last traded at $21.38, with a volume of 2,419,097 shares trading hands. The stock had previously closed at $20.99.
A number of brokerages have issued reports on GLW. Bank of America Corp. restated a “sell” rating on shares of Corning in a research report on Saturday, April 9th. Jefferies Group restated a “hold” rating on shares of Corning in a research report on Wednesday, April 27th. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Argus restated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Finally, Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price objective on the stock in a research report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of C$21.35.
The company’s 50 day moving average is $20.48 and its 200 day moving average is $19.36. The firm has a market capitalization of $22.98 billion and a PE ratio of 53.96.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 26th. The company reported $0.28 EPS for the quarter, meeting analysts’ consensus estimates of $0.28. During the same period in the previous year, the company posted $0.35 earnings per share. The business earned $2.17 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Corning’s quarterly revenue was down 10.7% on a year-over-year basis. Equities research analysts expect that Corning Inc. will post $1.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Tuesday, May 31st were issued a $0.135 dividend. The ex-dividend date was Thursday, May 26th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.53%.
In other 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 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 C$3,104,950.32. The sale was disclosed in a 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 shares were sold at an average price of C$21.17, for a total transaction of C$158,775.00. Following the completion of the sale, the chief financial officer now directly owns 48,221 shares of the company’s stock, valued at C$1,020,838.57. The disclosure for this sale can be found here.
Other large investors have made changes to their positions in the company. Victory Capital Management Inc. boosted its stake 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. Pitcairn Co. boosted 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 in the last quarter. Investment Management of Virginia LLC boosted 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 in the last quarter. Marshall Wace LLP purchased a new position in Corning during the fourth quarter valued at about $1,427,000. Finally, Synovus Financial Corp boosted its position in Corning by 1.0% in the fourth quarter. Synovus Financial Corp now owns 79,197 shares of the company’s stock valued at $1,447,000 after buying an additional 820 shares in 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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