Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. Sells 8,876 Shares

Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Corning Stock Down 0.5 %

GLW opened at $48.00 on Wednesday. The company has a market cap of $41.10 billion, a PE ratio of 282.35, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a 50 day moving average price of $46.53 and a 200 day moving average price of $42.28.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 658.82%.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. UBS Group raised their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Susquehanna increased their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.08.

Institutional Investors Weigh In On Corning

Several hedge funds have recently modified their holdings of GLW. Peapack Gladstone Financial Corp grew its position in Corning by 0.7% in the third quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock valued at $2,339,000 after acquiring an additional 350 shares in the last quarter. Synovus Financial Corp boosted its stake in shares of Corning by 65.4% in the third quarter. Synovus Financial Corp now owns 20,110 shares of the electronics maker’s stock valued at $908,000 after purchasing an additional 7,952 shares during the period. Tidal Investments LLC grew its holdings in Corning by 15.9% during the 3rd quarter. Tidal Investments LLC now owns 41,535 shares of the electronics maker’s stock valued at $1,875,000 after purchasing an additional 5,713 shares in the last quarter. Destination Wealth Management purchased a new stake in Corning during the 3rd quarter worth $445,000. Finally, Wilmington Savings Fund Society FSB lifted its holdings in Corning by 3.0% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 365,612 shares of the electronics maker’s stock worth $16,507,000 after buying an additional 10,689 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Company Profile

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.