Todays Report: Today, 32,300 Shares of Corning Inc. (GLW) Stock are sold by Lawrence D. Mcrae

Today, 32,300 Shares of Corning Inc. (GLW) Stock are sold by Lawrence D. Mcrae

Corning Inc. (NYSE:GLW) Vice Chairman Lawrence D. Mcrae sold 32,300 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $24.04, for a total value of $776,492.00. Following the sale, the insider now owns 145,202 shares in the company, valued at $3,490,656.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of Corning Inc. (NYSE:GLW) opened at 24.19 on Friday. The stock’s 50 day moving average price is $23.38 and its 200 day moving average price is $21.97. The stock has a market cap of $23.01 billion, a price-to-earnings ratio of 12.33 and a beta of 1.32. Corning Inc. has a one year low of $16.13 and a one year high of $24.22.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.04. The firm had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.52 billion. Corning had a net margin of 25.66% and a return on equity of 10.11%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.34 EPS. Analysts forecast that Corning Inc. will post $1.49 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Tuesday, November 15th. Corning’s payout ratio is presently 27.84%.

GLW has been the topic of several recent analyst reports. Vetr upgraded Corning from a “sell” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Tuesday, November 15th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Susquehanna reiterated a “positive” rating and issued a $27.00 price target (up from $25.00) on shares of Corning in a report on Wednesday, September 28th. Bank of America Corp. reiterated a “sell” rating and issued a $17.50 price target on shares of Corning in a report on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a report on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $22.91.

Hedge funds have recently added to or reduced their stakes in the stock. RWC Asset Management LLP purchased a new stake in shares of Corning during the third quarter worth about $15,616,000. HighPoint Advisor Group LLC raised its stake in shares of Corning by 5.7% in the third quarter. HighPoint Advisor Group LLC now owns 20,715 shares of the company’s stock worth $493,000 after buying an additional 1,114 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Corning during the third quarter worth about $5,235,000. Quantitative Systematic Strategies LLC purchased a new stake in shares of Corning during the third quarter worth about $2,476,000. Finally, J.P. Marvel Investment Advisors LLC raised its stake in shares of Corning by 6.3% in the third quarter. J.P. Marvel Investment Advisors LLC now owns 277,930 shares of the company’s stock worth $6,573,000 after buying an additional 16,425 shares during the last quarter. 80.30% of the stock is currently owned by hedge funds and other institutional investors.

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