Roger Ferguson, a director at Corning (GLW), recently bought 1,399 additional shares. The buy increased his holdings by nearly 52 percent, and came to a total purchase price of just under $43,000.
This marks the first insider buy in three years, and as shares are at a multi-year high. Prior insider activity shows a deluge of sales from company executives. This is the first insider activity from any director in the past three years as well.
Overall, company insiders own 9.7 percent of company shares.
- This NEW Electric Vehicle Stock Could Help Fund Your Retirement
Its car is faster than super-cars like Ferrari's F8, McLaren's 720S and Porsche's 911 Turbo.
Yet it's 100% electric.
Corning shares have rallied 103 percent in the past year. Despite low profit margins, revenues are up at the company nearly 38 percent.
Shares are likely to continue their uptrend. The company’s products are a key component for many consumer electronics, and the company is best known for supplying the durable glass used on Apple smartphones. Given supply chain issues, however, traders should be aware that there may be some air pockets of production along the way.
Action to take: Investors may like shares here, as the company trades at a 2.2 percent yield at current prices, and the dividend was recently raised.
For traders following the current uptrend in shares, a call option trade will suffice. The August $45 calls, trading for about $1.65, offer mid-to-high double-digit returns in the coming months before expiration.
Disclosure: The author of this article has no positions in the stock mentioned here, but does not intend to make a trade on this company after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.