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

Corning Incorporated (NYSE:GLW) SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was 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 Securities & Exchange Commission, which is accessible through this link.

Corning Price Performance

Corning stock opened at $48.22 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a market cap of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.54 and a beta of 1.03. 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 $46.70 and a 200 day moving average price of $42.36.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 658.82%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GLW. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna increased their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Barclays increased their price target on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, UBS Group lifted their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Institutional Trading of Corning

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

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.