The Exec. VP & Chief Tech. Officer of Corning is Exercising Options

By Carrie Williams

Yesterday it was reported that the Exec. VP & Chief Tech. Officer of Corning (GLWResearch Report), David L. Morse, exercised options to sell 35,004 GLW shares at $27.00 a share, for a total transaction value of $1.58M.

Following David L. Morse’s last GLW Sell transaction on February 18, 2021, the stock climbed by 7.8%. In addition to David L. Morse, one other GLW executive reported Sell trades in the last month.

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Based on Corning’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $3.29 billion and quarterly net profit of $599 million. In comparison, last year the company earned revenue of $2.39 billion and had a GAAP net loss of $96 million. The company has a one-year high of $46.82 and a one-year low of $18.82. GLW’s market cap is $34.73 billion and the company has a P/E ratio of 90.80.

Based on 7 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $49.29, reflecting a -9.5% downside.

The insider sentiment on Corning has been negative according to 75 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.

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Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. It operates through the following business segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The Display Technologies segment manufactures glass substrates for high performance displays, including organic light-emitting diode and liquid crystal displays that are used primarily in televisions, notebook computers and flat panel desktop monitors. The Optical Communications segment is classified into two main product groupings: carrier and enterprise network. The carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications. The enterprise network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. The Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. The Life Sciences segment develops, manufactures and supplies scientific laboratory products. The company was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY.