Insider Selling: Corning Incorporated (NYSE:GLW) VP Sells $76,715.70 in Stock

Corning Incorporated (NYSE:GLWGet Rating) VP Robert P. France sold 2,190 shares of the stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the transaction, the vice president now directly owns 30,000 shares in the company, valued at approximately $1,050,900. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Shares of GLW opened at $33.80 on Friday. The stock has a market capitalization of $28.58 billion, a P/E ratio of 27.26, a PEG ratio of 1.54 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.59 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $37.44 and a two-hundred day simple moving average of $37.85. Corning Incorporated has a twelve month low of $33.51 and a twelve month high of $46.82.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Wednesday, January 26th. The electronics maker reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. Corning had a net margin of 13.53% and a return on equity of 21.65%. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company posted $0.52 EPS. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 2.32 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 30th. Stockholders of record on Monday, February 28th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.20%. This is a boost from Corning’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, February 25th. Corning’s dividend payout ratio (DPR) is currently 87.10%.

GLW has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on shares of Corning from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Thursday, January 27th. Morgan Stanley reaffirmed a “hold” rating and set a $40.00 target price on shares of Corning in a report on Thursday, April 14th. Susquehanna raised shares of Corning from a “neutral” rating to a “positive” rating and increased their target price for the company from $38.00 to $50.00 in a report on Friday, January 28th. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a report on Monday, January 31st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $50.00 target price on shares of Corning in a report on Friday, March 11th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Buy” and an average price target of $47.27.

Several large investors have recently bought and sold shares of GLW. Strategic Asset Management LLC increased its stake in shares of Corning by 31.2% in the 4th quarter. Strategic Asset Management LLC now owns 1,093 shares of the electronics maker’s stock worth $41,000 after acquiring an additional 260 shares in the last quarter. Flagship Harbor Advisors LLC increased its stake in shares of Corning by 3.1% in the 4th quarter. Flagship Harbor Advisors LLC now owns 9,096 shares of the electronics maker’s stock worth $339,000 after acquiring an additional 273 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of Corning by 1.7% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 17,536 shares of the electronics maker’s stock worth $647,000 after acquiring an additional 298 shares in the last quarter. Loveless Wealth Management LLC increased its stake in shares of Corning by 1.1% in the 3rd quarter. Loveless Wealth Management LLC now owns 28,580 shares of the electronics maker’s stock worth $1,043,000 after acquiring an additional 300 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Corning by 0.6% in the 4th quarter. Louisiana State Employees Retirement System now owns 48,100 shares of the electronics maker’s stock worth $1,791,000 after acquiring an additional 300 shares in the last quarter. 67.68% of the stock is owned by hedge funds and other institutional investors.

About Corning (Get Rating)

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

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