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5 Stocks Insiders Are Scooping Up

Stocks in this article: MUR SPRT END ECHO GLW

Corning

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One more stock to consider with some decent insider buying is Corning (GLW), a provider of high-performance glass for LCD televisions, computer monitors and other information display applications; optical fiber and cable and hardware and equipment products. Insiders are buying this stock into notable strength, since shares are up 13% in the last three months.

Corning has a market cap of $18.72 billion and an enterprise value of $16.19 billion. This stock trades at a cheap valuation, with a trailing price-to-earnings of 11.06 and a forward price-to-earnings of 9.93. Its estimated growth rate for this year is -9.3%, and for next year it's pegged at 9.4%. This is a cash-rich company, since the total cash position on its balance sheet is $6.14 billion and its total debt is $3.50 billion. After you back out the debt, Corning has $2.64 billion of total cash on its books.

A director just bought 30,000 shares, or about $378,000 worth of stock, at $12.61 per share.

From a technical perspective, GLW is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has recently crossed back above both its 50-day and 200-day moving averages, and it's now quickly moving within range of triggering a near-term breakout trade.

If you're bullish on GLW, then look for long-biased as long as it's trending above its 200-day at $12.34, and then once it breaks out above some near-term overhead resistance levels at $12.99 to $13.09 a share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 15.78 million shares. If that breakout triggers soon, then GLW will set up to re-test or possibly take out its next major overhead resistance level at $13.85 to $14.29 a share. Any high-volume move above those levels will then put $15.35 to $17 into range for shares or GLW.

To see more stocks with notable insider buying, check out the Stocks With Big Insider Buying portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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