Corning Incorporated (NYSE:GLW) VP Martin J. Curran Sells 34,000 Shares
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.
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.
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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