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Corning Inc . (NYSE:GLW) Chairman and CEO Wendell P. Weeks has recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Weeks sold a total of 100,000 shares of Corning’s common stock in two separate transactions. The sales, which took place on February 27 and February 28, were executed at prices ranging from $50.00 to $50.225 per share, yielding approximately $5 million in total. The transaction comes as Corning, now valued at $41.27 billion, has delivered an impressive 58.62% return over the past year.
Following these transactions, Weeks retains direct ownership of 762,820 shares in Corning. Additionally, Weeks holds indirect ownership of shares through his spouse and a trust, although he disclaims beneficial ownership of these securities.
These transactions reflect Weeks’ ongoing management of his investment portfolio, while maintaining a substantial stake in the company.
In other recent news, Corning Incorporated announced its fourth-quarter 2024 earnings, revealing an EPS of $0.57, which slightly exceeded analysts’ expectations of $0.56. However, the company’s revenue came in at $3.5 billion, falling short of the $3.75 billion forecast. Despite this revenue miss, Corning’s optical communications segment demonstrated significant growth, contributing to a positive market reaction. In another development, Corning declared a quarterly dividend of $0.28 per share, set for payment in March 2025. The company remains committed to maintaining a balance between investing for growth and returning capital to shareholders. Additionally, Airspan Networks Holdings LLC announced a definitive agreement to acquire Corning’s wireless business unit, including its distributed antenna systems and small cell radio access network products. This acquisition is expected to enhance Airspan’s position in the in-building connectivity sector. These developments reflect Corning’s ongoing strategic initiatives and financial performance updates.
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