Corning Inc. (GLW) Sees Large Volume Increase
Shares of Corning Inc. (NYSE:GLW) saw strong trading volume on Friday . 41,661,511 shares traded hands during trading, an increase of 263% from the previous session’s volume of 11,482,061 shares.The stock last traded at $22.22 and had previously closed at $22.29.
Several analysts recently commented on the stock. Bank of America Corp. reaffirmed a “sell” rating on shares of Corning in a report on Saturday, April 9th. Jefferies Group reaffirmed a “hold” rating on shares of Corning in a report on Wednesday, April 27th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Saturday, June 4th. Argus reaffirmed a “buy” rating on shares of Corning in a report on Sunday, June 12th. Finally, Zacks Investment Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Thursday, April 28th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of C$21.66.
The company has a market capitalization of $23.04 billion and a price-to-earnings ratio of 12.24. The stock has a 50-day moving average price of $20.78 and a 200-day moving average price of $19.67.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. On average, equities analysts anticipate that Corning Inc. will post $1.40 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.135 per share. 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 2.43%.
In related news, VP Mark S. Rogus sold 10,896 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of C$21.18, for a total transaction of C$230,777.28. Following the completion of the sale, the vice president now owns 101,251 shares in the company, valued at C$2,144,496.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Kirk P. Gregg sold 24,000 shares of the firm’s stock in a transaction dated 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 sale, the chief accounting officer now owns 178,629 shares of the company’s stock, valued at approximately C$3,738,704.97. The disclosure for this sale can be found here.
A number of hedge funds recently bought and sold shares of GLW. Victory Capital Management Inc. increased its stake in 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 period. Pitcairn Co. increased its stake in Corning by 1.4% in the fourth quarter. Pitcairn Co. now owns 67,032 shares of the company’s stock worth $1,226,000 after buying an additional 952 shares during the period. Investment Management of Virginia LLC increased its stake in 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 period. Marshall Wace LLP bought a new stake in Corning during the fourth quarter worth about $1,427,000. Finally, Advisors Asset Management Inc. increased its stake in 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 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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