On August 20, 2024, Jeffrey Evenson, Executive Vice President and Chief Strategy Officer of Corning Inc (NYSE:GLW), sold 2,483 shares of the company’s stock. 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 and has a product portfolio that includes glass substrates for LCD displays, fiber optic cables and environmental technologies, as well as other scientific applications.
Over the past year, Jeffrey Evenson has sold a total of 174,030 shares of Corning Inc. and made no purchases. This latest sale continues a company-wide trend of 23 insider sales and no insider purchases over the past year.
Corning Inc. shares were trading at $40.46 on the day of the sale. The company has a market capitalization of approximately $36.01 billion. Corning Inc.’s price-to-earnings ratio is 84.16, well above the industry median of 21.67 and the company’s historical median.
The stock’s valuation metrics show a GF Value of $31.78, which suggests that Corning Inc. is significantly overvalued at a price of $40.46 with a Price to GF Value ratio of 1.27.
The GF value is calculated by taking into account historical trading multiples, an adjustment factor based on past earnings and growth, and estimates of future business performance provided by Morningstar analysts.
This insider sale may be of interest to investors evaluating the stock’s current market position and future prospects, particularly in light of its valuation and recent trading history.
This article created by GuruFocus is intended to provide general insights and does not constitute tailored financial advice. Our commentary is based on historical data and analyst forecasts, uses an unbiased methodology and is not intended to serve as specific investment advice. It does not contain a recommendation to buy or sell any stock and does not take into account any individual investment objectives or financial circumstances. Our goal is to provide long-term, fundamental, data-driven analysis. Note that our analysis may not include the most recent, price-sensitive company announcements or qualitative information. GuruFocus does not hold a position in any stocks mentioned here.
This article first appeared on GuruFocus.
