Insider Selling: Corning Incorporated (NYSE:GLW) SVP Sells 5,000 Shares of Stock

Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Corning Trading Up 1.4 %

NYSE GLW opened at $48.52 on Monday. Corning Incorporated has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $41.54 billion, a PE ratio of 285.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The business’s 50-day moving average price is $46.33 and its two-hundred day moving average price is $42.08.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.31%. Corning’s payout ratio is 658.82%.

Institutional Trading of Corning

A number of large investors have recently bought and sold shares of the business. City Holding Co. boosted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new position in Corning in the third quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning during the 3rd quarter worth approximately $40,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after buying an additional 900 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in shares of Corning by 90.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GLW shares. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. UBS Group increased their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays increased their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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.