Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 34,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $31.08, for a total value of $1,056,720.00. Following the transaction, the vice president now owns 20,154 shares in the company, valued at approximately $626,386.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Corning stock opened at $31.00 on Friday. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 310.03, a PEG ratio of 13.94 and a beta of 1.10. The stock has a fifty day simple moving average of $27.43 and a two-hundred day simple moving average of $24.73. Corning Incorporated has a 12 month low of $17.44 and a 12 month high of $31.82. The company has a current ratio of 2.27, a quick ratio of 1.44 and a debt-to-equity ratio of 0.79.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The company’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.2 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, August 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Thursday, August 27th. Corning’s payout ratio is 50.00%.

Several institutional investors and hedge funds have recently modified their holdings of the stock. National Asset Management Inc. grew its holdings in shares of Corning by 5.2% in the second quarter. National Asset Management Inc. now owns 27,179 shares of the electronics maker’s stock worth $704,000 after acquiring an additional 1,341 shares during the period. Dumont & Blake Investment Advisors LLC grew its holdings in shares of Corning by 16.4% in the second quarter. Dumont & Blake Investment Advisors LLC now owns 45,275 shares of the electronics maker’s stock worth $1,173,000 after acquiring an additional 6,386 shares during the period. Boyar Asset Management Inc. bought a new stake in shares of Corning in the second quarter worth $207,000. Lincoln National Corp grew its holdings in shares of Corning by 20.9% in the second quarter. Lincoln National Corp now owns 11,818 shares of the electronics maker’s stock worth $306,000 after acquiring an additional 2,042 shares during the period. Finally, Chicago Partners Investment Group LLC grew its holdings in shares of Corning by 3.5% in the second quarter. Chicago Partners Investment Group LLC now owns 24,572 shares of the electronics maker’s stock worth $753,000 after acquiring an additional 824 shares during the period. 72.96% of the stock is owned by institutional investors.

GLW has been the subject of a number of research analyst reports. Barclays raised their target price on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research note on Wednesday. Oppenheimer initiated coverage on Corning in a research note on Tuesday, July 28th. They issued a “hold” rating for the company. Morgan Stanley raised their target price on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 10th. Susquehanna Bancshares restated a “hold” rating and issued a $26.00 target price on shares of Corning in a research note on Tuesday, July 28th. Finally, Citigroup raised their target price on Corning from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $31.90.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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