November 23, 2016 - By Peter Kolinski
Two days ago, the President – Corning Glass Tech. of Corning Inc Ny, Mr. James Clappin, unloaded a considerable number of company shares – 94,303, amounting to $2,264,290 U.S Dollars, which is based on a stock price of $24.0 per share. In the last month, he also sold 107,102 shares valued at $2,511,079 USD. The filing was revealed in a filing dated November 23, 2016 with the SEC. Having been a very big insider deal at Corning Inc Ny, the chance that it remains unnoticed for long was obviously very low. James Clappin presently has in hand 66,589 shares which are roughly 0.01% of the New York-Company’s total market capitalization.
Out of 10 analysts covering Corning Incorporated (NYSE:GLW), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. $27 is the highest target while $15.75 is the lowest. The $21.86 average target is -9.44% below today’s ($24.14) stock price. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. On Friday, September 25 the stock rating was reinitiated by Goldman Sachs with “Neutral”. The firm has “Buy” rating by Goldman Sachs given on Tuesday, April 12. JP Morgan downgraded Corning Incorporated (NYSE:GLW) on Thursday, December 17 to “Neutral” rating. On Wednesday, October 26 the stock rating was maintained by Deutsche Bank with “Buy”. Goldman Sachs maintained the shares of GLW in a report on Wednesday, November 2 with “Buy” rating. The stock has “Neutral” rating given by UBS on Wednesday, October 28. On Tuesday, September 29 the stock rating was initiated by Sterne Agee CRT with “Neutral”. The firm earned “Hold” rating on Friday, October 9 by Drexel Hamilton. Barclays Capital maintained it with “Overweight” rating and $25 target price in Tuesday, September 29 report. Deutsche Bank initiated it with “Buy” rating and $21 target price in Tuesday, September 15 report.
Insitutional Activity: The institutional sentiment increased to 0.75 in Q2 2016. Its up 0.09, from 0.66 in 2016Q1. The ratio is positive, as 52 funds sold all Corning Incorporated shares owned while 339 reduced positions. 49 funds bought stakes while 208 increased positions. They now own 745.73 million shares or 5.03% less from 785.22 million shares in 2016Q1.
Hanson Doremus Investment Mgmt has 1.83% invested in the company for 196,809 shares. Blackrock has 0.09% invested in the company for 8.74 million shares. Canal Insur, a South Carolina-based fund reported 40,000 shares. Towerview Limited last reported 5.69% of its portfolio in the stock. Vanguard reported 64.99M shares or 0.08% of all its holdings. The Georgia-based Cacti Asset Ltd Company has invested 3.76% in Corning Incorporated (NYSE:GLW). Tealwood Asset Mgmt holds 0.73% of its portfolio in Corning Incorporated (NYSE:GLW) for 79,336 shares. Davidson Invest last reported 1,275 shares in the company. Culbertson A N Incorporated holds 0.86% of its portfolio in Corning Incorporated (NYSE:GLW) for 113,731 shares. Susquehanna Llp holds 0.01% or 635,584 shares in its portfolio. Vident Inv Advisory Ltd has 0.36% invested in the company for 126,125 shares. Atlantic Gp Limited Liability Com holds 38,325 shares or 0.01% of its portfolio. Moreover, Diam has 0.05% invested in Corning Incorporated (NYSE:GLW) for 154,424 shares. Reilly Financial Advsrs Ltd Liability Com, a California-based fund reported 1,848 shares. Bryn Mawr Tru Commerce holds 1.21% or 929,222 shares in its portfolio.
Insider Transactions: Since May 26, 2016, the stock had 0 buys, and 28 sales for $24.38 million net activity. $388,745 worth of Corning Incorporated (NYSE:GLW) shares were sold by Tripeny R Tony. Clappin James P also sold $345,000 worth of Corning Incorporated (NYSE:GLW) on Monday, August 15. $1.24M worth of shares were sold by Curran Martin J on Wednesday, September 7. Schlesinger Edward A also sold $147,366 worth of Corning Incorporated (NYSE:GLW) on Monday, November 14. WEEKS WENDELL P sold $1.52M worth of Corning Incorporated (NYSE:GLW) on Tuesday, August 2. The insider Morse David L sold $1.33 million. 10,896 shares were sold by ROGUS MARK S, worth $230,829 on Tuesday, June 7.
About 2.74M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 15.38% since April 21, 2016 and is uptrending. It has outperformed by 10.06% the S&P500.
Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.08 billion. The Firm operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. It has a 12.68 P/E ratio. The Display Technologies segment develops, makes and supplies glass substrates using a fusion manufacturing process.
According to Zacks Investment Research, “Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world’s economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. (Company Press Release)”
Analysts await Corning Incorporated (NYSE:GLW) to report earnings on January, 24. They expect $0.42 EPS, up 23.53% or $0.08 from last year’s $0.34 per share. GLW’s profit will be $401.56M for 14.37 P/E if the $0.42 EPS becomes a reality. After $0.42 actual EPS reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
More news for Corning Incorporated (NYSE:GLW) were recently published by: Fool.com, which released: “Corning Incorporated Sees (Even) Better Days Ahead” on October 26, 2016. Stargazette.com‘s article titled: “Corning Inc. veterans honored at company ceremony” and published on November 15, 2016 is yet another important article.
Corning Incorporated (Corning), incorporated on December 24, 1936, is engaged in the manufacture of specialty glass and ceramics. Corning operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. The Firm makes and processes products at approximately 90 plants in over 20 countries. Corning offers its products under the trademarks, including Corning, Celcor, ClearCurve, DuraTrap, Eagle XG, Epic, Gorilla, HPFS, Pyrex, Steuben, Falcon, SMF-28e and Willow.
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