On August 20, 2024, Jeffrey Evenson, Executive Vice President and Chief Strategy Officer of Corning Inc (GLW, Financial), sold 2,483 shares of the company. Following this transaction, the insider now owns 0 shares of Corning Inc. The sale was documented in an SEC Filing.
Corning Inc is known for its innovations in materials science, with a portfolio of products that include glass substrates for LCD displays, fiber optic cables, and environmental technologies among other scientific applications.
Over the past year, Jeffrey Evenson has sold a total of 174,030 shares of Corning Inc and has not made any purchases of the stock. This recent sale continues a trend seen across the company, where there have been 23 insider sells and no insider buys over the past year.
Shares of Corning Inc were trading at $40.46 on the day of the sale. The company has a market cap of approximately $36.01 billion. The price-earnings ratio of Corning Inc stands at 84.16, significantly above both the industry median of 21.67 and the company's historical median.
The stock's valuation metrics show a GF Value of $31.78, indicating that at a price of $40.46, Corning Inc is significantly overvalued with a price-to-GF-Value ratio of 1.27.
The GF Value is calculated considering historical trading multiples, an adjustment factor based on past returns and growth, and future business performance estimates provided by Morningstar analysts.
This insider sale might interest investors as they evaluate the stock's current market position and future prospects, especially in light of its valuation and recent trading history.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
