Michael Alan Bell Sells 2,209 Shares of Corning Incorporated (NYSE:GLW) Stock

Corning Incorporated (NYSE:GLW) SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Corning Trading Up 4.2 %

Shares of Corning stock traded up $2.12 during mid-day trading on Friday, hitting $52.11. The stock had a trading volume of 8,505,330 shares, compared to its average volume of 6,426,985. The firm has a 50-day moving average of $48.71 and a two-hundred day moving average of $45.63. Corning Incorporated has a 12-month low of $30.72 and a 12-month high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market cap of $44.61 billion, a P/E ratio of 89.84, a price-to-earnings-growth ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.01%. Sell-side analysts forecast that Corning Incorporated will post 2.3 earnings per share for the current year.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. JPMorgan Chase & Co. upped their price objective 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. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their target price for the stock from $51.00 to $60.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock 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 made changes to their positions in GLW. Public Sector Pension Investment Board lifted its holdings in shares of Corning by 111.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after acquiring an additional 12,875 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Corning by 117.1% in the 2nd quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after acquiring an additional 499,595 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Corning by 58.4% during the 2nd quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock worth $3,514,000 after buying an additional 33,333 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Corning by 1.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 73,789 shares of the electronics maker’s stock worth $2,867,000 after buying an additional 844 shares in the last quarter. Finally, EP Wealth Advisors LLC lifted its holdings in Corning by 6.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 15,082 shares of the electronics maker’s stock worth $586,000 after buying an additional 978 shares in the last quarter. 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.