Eric S. Musser Sells 30,000 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on 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 in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Corning Stock Up 1.4 %

Corning stock opened at $52.08 on Wednesday. The firm has a market cap of $44.59 billion, a price-to-earnings ratio of 89.79, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The business’s 50-day moving average price is $48.84 and its 200 day moving average price is $45.71. 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 posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GLW shares. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Citigroup upped their target price on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $53.00.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Richard Bernstein Advisors LLC acquired a new stake in Corning during the fourth quarter worth about $2,736,000. Lake Street Advisors Group LLC boosted its position in Corning by 4.5% during the fourth quarter. Lake Street Advisors Group LLC now owns 5,688 shares of the electronics maker’s stock worth $270,000 after purchasing an additional 244 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in Corning by 10.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 329,279 shares of the electronics maker’s stock worth $15,647,000 after purchasing an additional 32,329 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in Corning by 37.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 2,312,541 shares of the electronics maker’s stock worth $109,892,000 after purchasing an additional 635,028 shares in the last quarter. Finally, Pine Valley Investments Ltd Liability Co boosted its position in Corning by 28.1% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 50,954 shares of the electronics maker’s stock worth $2,421,000 after purchasing an additional 11,180 shares in the last quarter. 69.80% of the stock is 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.