Corning Inc. (GLW) Hits New 1-Year High at $21.60
Corning Inc. (NYSE:GLW) shares reached a new 52-week high on Wednesday . The company traded as high as $21.60 and last traded at $21.58, with a volume of 2,684,808 shares changing hands. The stock had previously closed at $21.32.
A number of research analysts have weighed in on the company. Argus reissued a “buy” rating on shares of Corning in a report on Sunday, June 12th. Bank of America Corp. reissued a “sell” rating on shares of Corning in a report on Saturday, April 9th. Susquehanna increased their target price on Corning from $22.00 to $24.00 and gave the company a “positive” rating in a report on Monday, March 28th. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 target price on the stock in a report on Monday, June 27th. Finally, Drexel Hamilton downgraded Corning from a “hold” rating to a “sell” rating and lowered their target price for the company from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has an average rating of “Hold” and a consensus price target of C$21.35.
The stock’s 50 day moving average is $20.65 and its 200-day moving average is $19.48. The company has a market capitalization of $23.12 billion and a price-to-earnings ratio of 54.29.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 26th. The company reported $0.28 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.28. The company earned $2.17 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same period last year, the firm earned $0.35 EPS. The business’s quarterly revenue was down 10.7% compared to the same quarter last year. On average, equities research analysts predict that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be issued a $0.135 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.51%.
In other Corning news, CAO Kirk P. Gregg sold 24,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of C$20.93, for a total transaction of C$502,320.00. Following the completion of the sale, the chief accounting officer now directly owns 178,629 shares in the company, valued at approximately C$3,738,704.97. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Mark S. Rogus sold 10,896 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of C$21.18, for a total value of C$230,777.28. Following the sale, the vice president now owns 101,251 shares of the company’s stock, valued at C$2,144,496.18. The disclosure for this sale can be found here.
A number of large investors have recently bought and sold shares of the company. Morgan Stanley raised its stake in Corning by 372.1% in the fourth quarter. Morgan Stanley now owns 20,126,961 shares of the company’s stock valued at $367,921,000 after buying an additional 15,863,485 shares during the period. Levin Capital Strategies L.P. raised its stake in Corning by 29.3% in the fourth quarter. Levin Capital Strategies L.P. now owns 14,754,465 shares of the company’s stock valued at $269,712,000 after buying an additional 3,343,724 shares during the period. Catalyst Capital Advisors LLC raised its stake in Corning by 397,100.0% in the fourth quarter. Catalyst Capital Advisors LLC now owns 397,000 shares of the company’s stock valued at $7,257,000 after buying an additional 397,100 shares during the period. BP PLC purchased a new stake in Corning during the fourth quarter valued at approximately $2,558,000. Finally, Alpha Omega Wealth Management LLC purchased a new stake in Corning during the fourth quarter valued at approximately $2,292,000.
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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