Corning Incorporated (NYSE:GLW) SVP Soumya Seetharam Sells 14,313 Shares of Stock

Corning Incorporated (NYSE:GLW) SVP Soumya Seetharam sold 14,313 shares of Corning stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $50.01, for a total transaction of $715,793.13. Following the completion of the sale, the senior vice president now directly owns 31,505 shares in the company, valued at approximately $1,575,565.05. This represents a 31.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Corning Stock Performance

Shares of GLW stock opened at $49.95 on Friday. The business has a 50-day simple moving average of $44.82 and a 200-day simple moving average of $47.55. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.78 billion, a PE ratio of 86.13, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a 52-week low of $36.21 and a 52-week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.63 billion. During the same period last year, the business earned $0.38 earnings per share. Corning’s quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, May 30th. Corning’s payout ratio is currently 215.38%.

Institutional Trading of Corning

Several institutional investors have recently bought and sold shares of GLW. Sierra Ocean LLC acquired a new stake in shares of Corning in the fourth quarter worth approximately $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter worth approximately $29,000. Vermillion Wealth Management Inc. acquired a new position in Corning during the fourth quarter worth $29,000. Putney Financial Group LLC acquired a new position in Corning during the fourth quarter worth $30,000. Finally, Investment Management Corp VA ADV boosted its stake in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker’s stock worth $34,000 after buying an additional 463 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GLW has been the subject of several research reports. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price target for the stock from $51.00 to $60.00 in a research note on Thursday, January 30th. Finally, Citigroup cut their target price on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.08.

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.