Insider Sale Alert: Corning Incorporated [GLW] – Is it Time to sell?


In a filing, Corning Incorporated revealed its Chairman and CEO WEEKS WENDELL P unloaded Company’s shares for reported $3.38 million on Jul 26. In the deal valued at $33.78 per share,100,000 shares were sold. As a result of this transaction, WEEKS WENDELL P now holds 847,474 shares worth roughly $ 27.85 million.

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Then, STEVERSON LEWIS A sold 16,710 shares, generating $572,324 in total proceeds. Upon selling the shares at $34.25, the EVP and CLAO now owns 29,378 shares.

Before that, Bell Michael Alan sold 35,045 shares. Corning Incorporated shares valued at $1,226,579 were divested by the Senior VP & GM, Optical Comm. at a price of $35.00 per share. As a result of the transaction, Bell Michael Alan now holds 0 shares, worth roughly $0.0.

UBS downgraded its Corning Incorporated [GLW] rating to a Neutral from a a Buy in a research note published on Friday, July 14, 2023; the price target was increased to $39 from $38. PT values the company’s stock at a premium of 15.74 to its Friday closing price.

Price Performance Review of GLW

On Friday, Corning Incorporated [NYSE:GLW] saw its stock jump 0.12% to $32.86. On the same session, the stock had its day’s lowest price of $32.715, but rose to a high of $33.26. Over the last five days, the stock has gained 1.33%. Corning Incorporated shares have risen nearly 2.88% since the year began. Nevertheless, the stocks have fallen -4.25% over the past one year. While a 52-week high of $37.10 was reached on 01/30/23, a 52-week low of $28.98 was recorded on 05/31/23. SMA at 50 days reached $33.50, while 200 days put it at $33.60. A total of 3.02 million shares were traded, compared to the trading of 3.62 million shares in the previous session.

Levels Of Support And Resistance For GLW Stock

The 24-hour chart illustrates a support level at 32.63, which if violated will result in even more drops to 32.40. On the upside, there is a resistance level at 33.17. A further resistance level may holdings at 33.49. The Relative Strength Index (RSI) on the 14-day chart is 51.69, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.50, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 24.84%. Stochastics %K at 80.36% indicates the stock is a selling.

How much short interest is there in Corning Incorporated?

A steep rise in short interest was recorded in Corning Incorporated stocks on Aug 14, 2023, growing by 0.17 million shares to a total of 8.98 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 8.81 million shares. There was a rise of 1.89%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.06% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.94.

Corning Incorporated [GLW] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 95,009,248 shares, or roughly 11.14% of the outstanding GLW shares. In other words, the investor’s shares have risen by 1,022,606 from its previous 13-F filing of 93986642.0. Additionally, BlackRock Fund Advisors increased 8.15% of its stake after which the total value it holdings stand at $1,417,694,945, while SSgA Funds Management, Inc. reduced -0.07% of its stake to hold $1.07 billion in the firm. Over the last quarter, Wellington Management Co. LLP sold -6,898,652 shares of Corning Incorporated, while Geode Capital Management LLC sold 445,852 shares. At present, Columbia Management Investment Ad is holding 14,809,672 shares valued at $502.64 million. State Farm Investment Management owned 14,528,900 shares of the company at the time of its most recent 13F filing, worth $493.11 million.

According to FactSet, Corning Incorporated’s share price will average $38.25 in the next year, based on opinions of analysts polled by the firm. This is up nearly 15.78 percent from its previous closing price of $32.82. Analysts expect Corning Incorporated stock to reach the higher price of $43.00, while the lowest price estimate is $33.00. However, 16 analysts have rated GLW stock as an Overweight in their predictions for 2023.


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