Corning (NYSE:GLW) Shares Down 3.2%

Corning Incorporated (NYSE:GLW)’s share price traded down 3.2% during mid-day trading on Friday . The company traded as low as $38.65 and last traded at $38.74. 1,256,223 shares traded hands during trading, a decline of 80% from the average session volume of 6,214,582 shares. The stock had previously closed at $40.04.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday. Oppenheimer restated an “outperform” rating and set a $47.00 target price (down from $50.00) on shares of Corning in a research report on Wednesday. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Barclays boosted their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, UBS Group lifted their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.23.

Corning Stock Down 2.7 %

The company has a market cap of $33.36 billion, a P/E ratio of 54.56, a P/E/G ratio of 1.52 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The business’s 50 day moving average is $40.20 and its 200 day moving average is $35.16.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling

In other news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Corning

Hedge funds have recently made changes to their positions in the business. Grove Bank & Trust raised its position in shares of Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after acquiring an additional 250 shares in the last quarter. Burns J W & Co. Inc. NY boosted its stake in Corning by 1.9% in the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock valued at $524,000 after acquiring an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC boosted its stake in Corning by 0.8% in the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock valued at $1,306,000 after acquiring an additional 274 shares in the last quarter. Legacy Capital Group California Inc. increased its position in shares of Corning by 1.0% during the second quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock worth $1,121,000 after purchasing an additional 278 shares in the last quarter. Finally, Alaska Permanent Fund Corp lifted its holdings in shares of Corning by 0.4% in the 1st quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after purchasing an additional 329 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.