JP Morgan slashes price target on Corning Incorporated [GLW] – find out why.

Corning Incorporated [NYSE: GLW] jumped around 0.26 points on Thursday, while shares priced at $45.67 at the close of the session, up 0.57%. The company report on April 29, 2021 that Corning Announces Quarterly Dividend.

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Corning Incorporated’s (NYSE: GLW) Board of Directors declared a quarterly dividend of $0.24 per share on the company’s common stock. The dividend will be payable on June 29, 2021, to shareholders of record on May 28, 2021.

Caution Concerning Forward-Looking StatementsThe statements in this release that are not historical facts or information and contain words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “see,” “would,” and “target” and similar expressions are forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. Such statements relate to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements relate to, among other things, the Company’s future operating performance, the Company’s share of new and existing markets, the Company’s revenue and earnings growth rates, the Company’s ability to innovate and commercialize new products, and the Company’s implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Company’s manufacturing capacity. These statements are subject to change and uncertainty which are, in many instances, beyond our control. There can be no assurance that future developments will be in accordance with management’s expectations. Actual results could differ materially from those expected by us, depending on the outcome of various factors. We do not undertake to update forward-looking statements.

Corning Incorporated stock is now 26.86% up from its year-to-date (YTD) trading value. GLW Stock saw the intraday high of $45.74 and lowest of $45.0086 per share. The company’s 52-week high price is 46.82, which means current price is +31.22% above from all time high which was touched on 04/26/21.

Compared to the average trading volume of 4.81M shares, GLW reached a trading volume of 3729389 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Corning Incorporated [GLW]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GLW shares is $49.09 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GLW stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on April 19, 2021. The new note on the price target was released on January 28, 2021, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another raise from $31 to $44, while Barclays kept a Overweight rating on GLW stock.

The Average True Range (ATR) for Corning Incorporated is set at 0.87, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 2.94. The Price to Book ratio for the last quarter was 3.18, with the Price to Cash per share for the same quarter was set at 3.40. Price to Free Cash Flow for GLW in the course of the last twelve months was 46.90 with Quick ratio for the last quarter at 1.50.

How has GLW stock performed recently?

Corning Incorporated [GLW] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.15. With this latest performance, GLW shares gained by 3.12% in over the last four-week period, additionally plugging by 35.64% over the last 6 months – not to mention a rise of 120.52% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GLW stock in for the last two-week period is set at 58.68, with the RSI for the last a single of trading hit 58.02, and the three-weeks RSI is set at 59.54 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 42.71, while it was recorded at 45.01 for the last single week of trading, and 36.71 for the last 200 days.

Corning Incorporated [GLW]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Corning Incorporated [GLW] shares currently have an operating margin of +11.38 and a Gross Margin at +34.01. Corning Incorporated’s Net Margin is presently recorded at +4.53.

Return on Total Capital for GLW is now 5.93, given the latest momentum, and Return on Invested Capital for the company is 2.39. Return on Equity for this stock inclined to 3.91, with Return on Assets sitting at 1.72. When it comes to the capital structure of this company, Corning Incorporated [GLW] has a Total Debt to Total Equity ratio set at 65.63. Additionally, GLW Total Debt to Total Capital is recorded at 39.63, with Total Debt to Total Assets ending up at 28.27. Long-Term Debt to Equity for the company is recorded at 77.11, with the Long-Term Debt to Total Capital now at 38.48.

Reflecting on the efficiency of the workforce at the company, Corning Incorporated [GLW] managed to generate an average of $10,218 per employee. Receivables Turnover for the company is 5.70 with a Total Asset Turnover recorded at a value of 0.38.Corning Incorporated’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.10.

Earnings analysis for Corning Incorporated [GLW]

With the latest financial reports released by the company, Corning Incorporated posted 0.25/share EPS, while the average EPS was predicted by analysts to be reported at 0.12/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 108.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GLW. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Corning Incorporated go to 23.90%.

Insider trade positions for Corning Incorporated [GLW]

There are presently around $26,116 million, or 76.50% of GLW stock, in the hands of institutional investors. The top three institutional holders of GLW stocks are: VANGUARD GROUP INC with ownership of 84,650,440, which is approximately -1.234% of the company’s market cap and around 10.50% of the total institutional ownership; BLACKROCK INC., holding 51,887,522 shares of the stock with an approximate value of $2.36 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $2.25 billion in GLW stock with ownership of nearly -6.598% of the company’s market capitalization.

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Positions in Corning Incorporated stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 504 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 28,495,814 shares. Additionally, 420 investors decreased positions by around 32,875,646 shares, while 197 investors held positions by with 513,733,154 shares. The mentioned changes placed institutional holdings at 575,104,614 shares, according to the latest SEC report filing. GLW stock had 142 new institutional investments in for a total of 4,482,125 shares, while 50 institutional investors sold positions of 1,306,469 shares during the same period.

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