Corning Inc. (GLW) Reaches New 52-Week High at $21.85
Corning Inc. (NYSE:GLW) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $21.85 and last traded at $21.73, with a volume of 2,152,300 shares. The stock had previously closed at $21.65.
GLW has been the topic of several recent analyst reports. Deutsche Bank AG reaffirmed a “buy” rating and issued a $23.00 price target (up previously from $21.00) on shares of Corning in a research note on Friday, April 8th. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Thursday, April 21st. Goldman Sachs Group Inc. raised shares of Corning from a “neutral” rating to a “buy” rating and raised their price target for the stock from $19.00 to $26.00 in a research note on Tuesday, April 12th. Argus reaffirmed a “buy” rating on shares of Corning in a research note on Thursday, April 28th. Finally, Vetr downgraded shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target on the stock. in a research note on Tuesday, May 31st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Corning presently has an average rating of “Hold” and a consensus price target of C$21.35.
The firm’s 50 day moving average price is $20.68 and its 200-day moving average price is $19.57. The stock has a market cap of $23.36 billion and a price-to-earnings ratio of 54.861.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 26th. The company reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period last year, the firm posted $0.35 earnings per share. The business’s revenue was down 10.7% on a year-over-year basis. On average, equities analysts predict that Corning Inc. will post $1.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 2.49%. The ex-dividend date is Monday, August 29th.
In related 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 transaction, the chief accounting officer now directly owns 178,629 shares of the company’s stock, valued at approximately C$3,738,704.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Kirk P. Gregg sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 154,629 shares in the company, valued at C$3,104,950.32. The disclosure for this sale can be found here.
A number of large investors have bought and sold shares of the company. Morgan Stanley increased 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 in the last quarter. Levin Capital Strategies L.P. increased 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 in the last quarter. Eaton Vance Management increased its stake in Corning by 1.4% in the fourth quarter. Eaton Vance Management now owns 6,766,480 shares of the company’s stock valued at $123,691,000 after buying an additional 91,035 shares in the last quarter. Suntrust Banks Inc. increased its stake in Corning by 1.6% in the fourth quarter. Suntrust Banks Inc. now owns 1,302,620 shares of the company’s stock valued at $23,810,000 after buying an additional 20,670 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its stake in Corning by 2.9% in the fourth quarter. OppenheimerFunds Inc. now owns 1,028,667 shares of the company’s stock valued at $18,810,000 after buying an additional 28,667 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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