Insider Selling: Corning Incorporated (NYSE:GLW) COO Sells 30,000 Shares of Stock

Corning Incorporated (NYSE:GLW) COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Corning Stock Down 1.4 %

GLW stock traded down $0.73 during trading hours on Monday, hitting $51.35. The company’s stock had a trading volume of 5,757,026 shares, compared to its average volume of 6,356,678. The stock has a 50 day moving average price of $48.78 and a two-hundred day moving average price of $45.67. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a market capitalization of $43.97 billion, a PE ratio of 88.54, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, equities research analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and raised their price objective for the stock from $51.00 to $60.00 in a research note on Thursday. Oppenheimer restated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, Citigroup raised their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average target price of $53.00.

Hedge Funds Weigh In On Corning

Several large investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH grew its position in Corning by 66.7% during the fourth quarter. Allianz Asset Management GmbH now owns 611,982 shares of the electronics maker’s stock worth $29,081,000 after buying an additional 244,788 shares in the last quarter. Aspen Investment Management Inc raised its holdings in Corning by 388.2% in the 4th quarter. Aspen Investment Management Inc now owns 23,873 shares of the electronics maker’s stock valued at $1,134,000 after acquiring an additional 18,983 shares in the last quarter. ING Groep NV lifted its position in shares of Corning by 12.0% in the 4th quarter. ING Groep NV now owns 282,420 shares of the electronics maker’s stock worth $13,421,000 after acquiring an additional 30,322 shares during the period. Boston Financial Mangement LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $386,000. Finally, Bryn Mawr Capital Management LLC increased its position in shares of Corning by 134.7% during the fourth quarter. Bryn Mawr Capital Management LLC now owns 40,528 shares of the electronics maker’s stock valued at $1,926,000 after purchasing an additional 23,257 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

About Corning

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.