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

Corning Incorporated (NYSE:GLW - Get Free Report) COO Eric S. Musser sold 30,000 shares of the firm's 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 sale, the chief operating officer now directly owns 152,944 shares of the company's stock, valued at $7,940,852.48. This trade represents 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 the SEC website.

Corning Stock Performance

Shares of NYSE:GLW traded up $0.37 on Thursday, reaching $53.66. The company's stock had a trading volume of 4,791,377 shares, compared to its average volume of 6,268,228. The stock has a market capitalization of $45.94 billion, a P/E ratio of 92.52, a PEG 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 stock's 50-day moving average is $49.02 and its two-hundred day moving average is $45.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates 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 forecast that Corning Incorporated will post 2.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised 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. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. StockNews.com raised Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Finally, HSBC upgraded Corning from a "hold" rating to a "buy" rating and boosted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus target price of $53.00.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Raymond James Financial Inc. acquired a new position in Corning during the fourth quarter worth about $92,522,000. FMR LLC increased its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. State Street Corp raised its holdings in Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker's stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC increased its position in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker's stock valued at $75,740,000 after buying an additional 1,145,955 shares in the last quarter. Finally, Pathway Financial Advisers LLC boosted its position in shares of Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker's stock worth $47,428,000 after buying an additional 1,026,626 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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.