Corning (GLW) Receives Daily Coverage Optimism Rating of 0.08

Press coverage about Corning (NYSE:GLW) has trended somewhat positive on Friday, AlphaOne Sentiment reports. AlphaOne, a subsidiary of Accern, identifies negative and positive news coverage by analyzing more than 20 million news and blog sources in real time. AlphaOne ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Corning earned a media sentiment score of 0.08 on AlphaOne’s scale. AlphaOne also assigned news headlines about the electronics maker an impact score of 80 out of 100, meaning that recent news coverage is likely to have an effect on the stock’s share price in the next few days.

These are some of the headlines that may have impacted AlphaOne Sentiment’s analysis:

Insider Buying and Selling by Quarter for Corning (NYSE:GLW)

Corning (NYSE:GLW) traded up 0.07% during midday trading on Friday, hitting $29.41. 6,631,877 shares of the company were exchanged. The firm has a market capitalization of $27.06 billion, a PE ratio of 7.80 and a beta of 1.37. The stock has a 50 day moving average of $29.18 and a 200 day moving average of $26.92. Corning has a 1-year low of $18.88 and a 1-year high of $29.90. Corning also saw some unusual options trading activity on Thursday. Stock investors purchased 20,779 call options on the company. This is an increase of 404% compared to the typical volume of 4,120 call options.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period last year, the company posted $0.28 EPS. Corning’s revenue was up 16.0% on a year-over-year basis. On average, equities analysts predict that Corning will post $1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be given a dividend of $0.155 per share. The ex-dividend date is Friday, May 26th. This represents a $0.62 dividend on an annualized basis and a yield of 2.11%. Corning’s dividend payout ratio (DPR) is currently 16.89%.

Several research firms recently issued reports on GLW. Citigroup Inc. lowered shares of Corning from a “buy” rating to a “neutral” rating and boosted their target price for the company from $28.00 to $29.00 in a report on Friday, March 31st. Stifel Nicolaus restated a “hold” rating and issued a $28.00 target price on shares of Corning in a report on Wednesday, April 19th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $33.00 target price (up previously from $32.00) on shares of Corning in a report on Wednesday, April 26th. Deutsche Bank AG restated a “buy” rating and issued a $33.00 target price (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. Finally, Jefferies Group LLC boosted their target price on shares of Corning from $24.50 to $27.50 and gave the company a “hold” rating in a report on Friday, April 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $27.13.

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In other Corning news, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $29.25, for a total value of $3,129,252.75. Following the completion of the transaction, the insider now directly owns 91,552 shares of the company’s stock, valued at $2,677,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Wendell P. Weeks sold 41,075 shares of Corning stock in a transaction dated Wednesday, April 26th. The stock was sold at an average price of $28.46, for a total transaction of $1,168,994.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 457,433 shares of company stock valued at $13,393,083. 0.59% of the stock is currently owned by corporate insiders.

Corning Company Profile

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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