Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells $553,219.20 in Stock

Corning Incorporated (NYSE:GLW) VP Martin J. Curran sold 16,416 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares of the company’s stock, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Corning Stock Performance

NYSE:GLW opened at $34.20 on Friday. The business’s fifty day moving average is $32.47 and its 200 day moving average is $30.78. The firm has a market cap of $29.30 billion, a price-to-earnings ratio of 48.17, a PEG ratio of 1.70 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $36.01.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm earned $0.41 EPS. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts predict that Corning Incorporated will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, May 30th. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GLW shares. Mizuho assumed coverage on shares of Corning in a research note on Tuesday. They issued a “neutral” rating and a $36.00 target price on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 31st. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research report on Monday, April 1st. Finally, HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Corning presently has a consensus rating of “Hold” and a consensus price target of $35.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in shares of Corning by 9.0% in the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Morgan Stanley increased its stake in Corning by 5.1% in the 3rd quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Corning by 15.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock valued at $536,114,000 after acquiring an additional 2,301,745 shares in the last quarter. Northern Trust Corp boosted its position in shares of Corning by 2.0% during the 3rd quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after acquiring an additional 232,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after purchasing an additional 146,807 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.