Insider Musser Sells 100k Corning Shares at $90.17; Donoghue Forlines Adds $2.38M Stake
Donoghue Forlines LLC acquired 28,980 GLW shares for ~$2.38M, while insider Eric S. Musser sold 100,000 shares at $90.17 totaling $9.02M. Corning reported Q3 EPS of $0.67 (vs $0.66 estimate) on $4.10B revenue and saw Citigroup lift its price target to $102 with a buy rating.
1. Significant Institutional Purchases
During the third quarter, Donoghue Forlines LLC initiated a new position in Corning Incorporated by acquiring 28,980 shares valued at approximately 2.38 million. This stake now represents about 0.7% of its overall portfolio, making it the firm’s 20th largest holding. Other notable institutional moves include Beacon Financial Advisory LLC’s new 264,000 investment, Smithbridge Asset Management’s 287,000 purchase, Compass Ion Advisors’ 14.3% boost to 5,455 shares (447,000 value), Aviance Capital Partners’ 4.2% increase to 4,936 shares (405,000 value) and Lmcg Investments LLC’s 250,000 new position. Institutional ownership of Corning stands at nearly 70%.
2. Insider Sell-Offs
Company insiders have reduced their holdings significantly over recent months. On October 29th, director Eric S. Musser sold 100,000 shares for a total of about 9.02 million, cutting his stake by 69% to 44,926 shares. Two days later, CFO Edward A. Schlesinger sold 20,893 shares for roughly 1.91 million, a 23.8% reduction, leaving him with 66,959 shares. In aggregate, insiders have sold 156,135 shares worth approximately 14.09 million in the last ninety days, leaving insider ownership at just 0.40%.
3. Recent Financial Performance
In its latest quarterly report, the company posted earnings of 0.67 per share, narrowly surpassing consensus by 0.01, on revenue of 4.10 billion, below the 4.24 billion estimate. Sales rose 20.9% year-over-year, while return on equity reached 18.12% and net margin stood at 9.16%. The firm has guided fourth-quarter earnings to a range of 0.680–0.72 per share, and analysts currently forecast full-year earnings of 2.33 per share.
4. Analyst Ratings and Outlook
Wall Street sentiment remains constructive. Citigroup upgraded its target to 102 and maintains a buy recommendation, while Susquehanna raised its target from 75 to 100 with a positive rating. Barclays lifted its target to 83 with an equal-weight view, and Weiss Ratings affirmed a buy (b–) stance. Only one analyst has assigned a strong-buy rating, eleven have buys and three hold. Consensus target stands at 93.36, reflecting moderate buy sentiment among the twelve active analysts following the company.