Corning Inc. (GLW) Sets New 52-Week High at $22.73
Corning Inc. (NYSE:GLW) reached a new 52-week high during trading on Friday . The company traded as high as $22.73 and last traded at $22.71, with a volume of 3,996,626 shares trading hands. The stock had previously closed at $22.38.
A number of research firms have recently commented on GLW. Vetr lowered shares of Corning from a “hold” rating to a “sell” rating and set a $21.30 price objective on the stock. in a research note on Thursday, July 28th. Goldman Sachs Group Inc. raised shares of Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price objective on the stock in a research note on Thursday, July 7th. Citigroup Inc. began coverage on shares of Corning in a research note on Monday, June 20th. They set a “buy” rating and a $23.00 target price on the stock. Argus reissued a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Finally, Standpoint Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Corning presently has a consensus rating of “Hold” and a consensus price target of C$22.02.
The company has a market capitalization of $23.47 billion and a P/E ratio of 12.47. The firm’s 50-day moving average is $21.00 and its 200-day moving average is $19.81.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. The business’s revenue was up .7% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. Equities research analysts forecast that Corning Inc. will post $1.42 EPS for the current 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 issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Monday, August 29th.
In other news, CEO Wendell P. Weeks sold 68,250 shares of the business’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following the sale, the chief executive officer now owns 68,250 shares in the company, valued at approximately C$1,515,832.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Kirk P. Gregg sold 20,000 shares of the business’s stock in a transaction on 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 owns 154,629 shares in the company, valued at approximately C$3,104,950.32. The disclosure for this sale can be found here.
Several hedge funds have made changes to their positions in the stock. Levin Capital Strategies L.P. boosted its stake in shares of Corning by 29.3% in the fourth quarter. Levin Capital Strategies L.P. now owns 14,754,465 shares of the company’s stock worth $269,712,000 after buying an additional 3,343,724 shares during the period. Eaton Vance Management boosted its stake in shares of Corning by 1.4% in the fourth quarter. Eaton Vance Management now owns 6,766,480 shares of the company’s stock worth $123,691,000 after buying an additional 91,035 shares during the period. American International Group Inc. boosted its stake in shares of Corning by 5.5% in the fourth quarter. American International Group Inc. now owns 696,430 shares of the company’s stock worth $12,730,000 after buying an additional 36,474 shares during the period. Park National boosted its stake in shares of Corning by 6.4% in the fourth quarter. Park National now owns 625,901 shares of the company’s stock worth $11,441,000 after buying an additional 37,868 shares during the period. Finally, Cedar Hill Associates LLC boosted its stake in shares of Corning by 3.6% in the fourth quarter. Cedar Hill Associates LLC now owns 506,457 shares of the company’s stock worth $9,258,000 after buying an additional 17,800 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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