Corning Incorporated (NYSE:GLW) COO Sells $1,557,600.00 in Stock

Corning Incorporated (NYSE:GLW) COO Eric S. Musser sold 30,000 shares of the stock in a transaction dated Friday, January 31st. The shares were 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 directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Corning Stock Performance

NYSE GLW traded down $0.73 during trading hours on Monday, hitting $51.35. The company had a trading volume of 5,757,026 shares, compared to its average volume of 6,356,678. Corning Incorporated has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The firm has a market cap of $43.97 billion, a P/E 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. The business has a fifty day simple moving average of $48.78 and a 200-day simple moving average of $45.67.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating 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%. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on GLW shares. Barclays decreased their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

Institutional Trading of Corning

Several large investors have recently added to or reduced their stakes in GLW. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC acquired a new position in shares of Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc bought a new stake in Corning during the fourth quarter worth approximately $29,000. City Holding Co. boosted its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Finally, Rosenberg Matthew Hamilton increased its position in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock valued at $35,000 after purchasing an additional 500 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.