Shares of Corning Incorporated (NYSE: GLW) fell 5.4% at midday Tuesday following a weaker-than-expected earnings announcement. The stock traded at $ 36.05 and last traded at $ 36.53. 100,367 shares changed hands during trade, a decrease of 98% from the average session volume of 4,423,866 shares. The stock had previously closed at $ 38.61. The electronics maker reported EPS of $ 0.56 for the quarter, missing the consensus estimate of $ 0.58 of ($ 0.02). Corning had a net margin of 13.14% and a return on equity of 22.22%. The company posted revenue of $ 3.64 billion in the quarter, compared to a consensus estimate of $ 3.63 billion. During the same period of the previous year, the company achieved earnings per share of $ 0.43. Corning’s quarterly revenue increased 21.0% from the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 17. Shareholders of record on Friday, November 12 will receive a dividend of $ 0.24. This represents an annualized dividend of $ 0.96 and a return of 2.63%. The ex-dividend date of this dividend is Wednesday, November 10. Corning’s dividend payout ratio is currently 69.06%.
Several research firms have commented on GLW. Morgan Stanley raised its target price on Corning shares from $ 40.00 to $ 42.00 and gave the company an “equal weight” rating in a report released on Wednesday, July 28. Deutsche Bank Aktiengesellschaft began hedging Corning shares in a report on Friday, October 8. They set a “buy” rating and a price target of $ 45 for the stock. One research analyst rated the stock with a conservation rating and eight issued a buy rating for the company. Based on data from MarketBeat.com, the stock has a consensus rating of âBuyâ and a consensus target price of $ 47.25.
Meanwhile, Vice President Clark S. Kinlin sold 15,302 shares of the company in a transaction that took place on Tuesday, September 7. The shares were sold for an average price of $ 39.40, for a total value of $ 602,898.80. As a result of the transaction, the Vice President now owns 59,945 shares of the company, valued at approximately $ 2,361,833. The sale was disclosed in a file with the Securities & Exchange Commission, accessible via the SEC website. Also, VP Martin J. Curran sold 28,419 shares of the company in a transaction that took place on Thursday, August 19. The stock was sold at an average price of $ 40.89, for a total trade of $ 1,162,052.91. Disclosure of this sale can be found here. During the last quarter, insiders sold 88,724 shares of the company valued at $ 3,607,219. 0.48% of the shares are held by insiders.
Several large investors have recently increased or reduced their holdings in GLW. JPMorgan Chase & Co. increased its stake in Corning by 249.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,970,117 shares of the electronics maker valued at $ 203,278,000 after purchasing an additional 3,548,969 shares in the last quarter. Holocene Advisors LP increased its stake in Corning by 347.7% during the 1st quarter. Holocene Advisors LP now owns 2,648,981 shares of the electronics maker valued at $ 115,257,000 after purchasing an additional 2,057,360 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Corning by 93.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,301,058 shares of the electronics maker valued at $ 143,629,000 after purchasing an additional 1,595,296 shares in the last quarter. Amundi took a new stake in Corning during the second quarter for a value of $ 60,871,000. Finally, Vanguard Group Inc. increased its stake in Corning by 1.4% during the second quarter. Vanguard Group Inc. now owns 91,392,469 shares of the electronics maker valued at $ 3,737,951,000 after purchasing an additional 1,284,868 shares in the last quarter. Institutional investors hold 66.83% of the company’s shares.
The company has a market cap of $ 31.19 billion, a P / E ratio of 36.24, a price / earnings-growth ratio of 0.80 and a beta of 1.14. The stock’s 50-day simple moving average is $ 38.75 and its 200-day simple moving average is $ 41.32. The company has a leverage ratio of 0.58, a quick ratio of 1.14 and a current ratio of 1.65.
About Corning (NYSE: GLW)
Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for laptops, flat screen desktop monitors, flat screen TVs and other information display applications; operator network and company network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in the automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnological applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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