Trading Report: The Insider Selling: Corning Inc. (GLW) Insider Sold C$720,000.00 in Stock

The Insider Selling: Corning Inc. (GLW) Insider Sold C$720,000.00 in Stock

Corning Inc. (NYSE:GLW) insider James P. Clappin sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, October 24th. The shares were sold at an average price of C$24.00, for a total transaction of C$720,000.00. Following the completion of the sale, the insider now owns 96,589 shares of the company’s stock, valued at C$2,318,136. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Corning Inc. (NYSE:GLW) opened at 22.68 on Monday. Corning Inc. has a 12-month low of $16.13 and a 12-month high of $24.14. The stock has a market cap of $21.57 billion, a PE ratio of 11.56 and a beta of 1.33. The firm has a 50-day moving average of $23.23 and a 200-day moving average of $21.52.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 25th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. Corning had a net margin of 25.66% and a return on equity of 10.11%. The company earned $2.51 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the previous year, the business posted $0.34 EPS. The firm’s revenue was up 4.0% on a year-over-year basis. Equities analysts predict that Corning Inc. will post $1.48 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Tuesday, November 15th. Corning’s payout ratio is 27.84%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Yacktman Asset Management LP boosted its position in shares of Corning by 0.6% in the second quarter. Yacktman Asset Management LP now owns 3,373,580 shares of the company’s stock valued at $69,091,000 after buying an additional 20,796 shares during the last quarter. Nationwide Fund Advisors boosted its position in shares of Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock valued at $11,641,000 after buying an additional 167,983 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock valued at $49,806,000 after buying an additional 1,360,200 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock valued at $393,767,000 after buying an additional 4,712,631 shares during the last quarter. Finally, Cacti Asset Management LLC boosted its position in shares of Corning by 1.3% in the third quarter. Cacti Asset Management LLC now owns 1,737,148 shares of the company’s stock valued at $41,084,000 after buying an additional 21,750 shares during the last quarter. Institutional investors and hedge funds own 73.69% of the company’s stock.

Several equities research analysts have weighed in on GLW shares. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Deutsche Bank AG raised their price target on shares of Corning from $25.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, October 26th. Vetr cut shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 price target for the company. in a report on Thursday, July 7th. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Finally, Citigroup Inc. raised their price target on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Friday, August 26th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Corning presently has a consensus rating of “Hold” and a consensus target price of C$22.12.

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