Corning Incorporated [NYSE: GLW] traded at a high on 01/04/22, posting a 2.20 gain after which it closed the day’ session at $38.01. The company report on December 9, 2021 that Corning Appoints Edward Schlesinger Chief Financial Officer.
Company thanks retiring CFO Tony Tripeny for 36 years of service.
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Corning Incorporated (NYSE: GLW) today announced the appointment of Edward Schlesinger to executive vice president and chief financial officer, effective Feb. 18, 2022. Schlesinger will report to Wendell Weeks, chairman and chief executive officer, and will succeed retiring CFO Tony Tripeny, whose important contributions throughout his career have made Corning a stronger company.
The results of the trading session contributed to over 5600710 shares changing hands. Over the past one week, the price volatility of Corning Incorporated stands at 1.80% while the volatility over the past one month is 1.86%.
The market cap for GLW stock reached $32.42 billion, with 852.00 million shares outstanding and 770.74 million shares in the current float. Compared to the average trading volume of 4.02M shares, GLW reached a trading volume of 5600710 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 $44.31 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.
Susquehanna have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 27, 2021. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $42 to $40. The new note on the price target was released on October 27, 2021, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another drop from $44 to $38, while Goldman kept a Neutral rating on GLW stock. On October 27, 2021, analysts decreased their price target for GLW shares from 45 to 43.
The Average True Range (ATR) for Corning Incorporated is set at 0.79, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 2.36. The Price to Book ratio for the last quarter was 2.67, with the Price to Cash per share for the same quarter was set at 2.59. Price to Free Cash Flow for GLW in the course of the last twelve months was 35.24 with Quick ratio for the last quarter at 1.20.
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 1.77. With this latest performance, GLW shares gained by 2.37% in over the last four-week period, additionally sinking by -6.49% over the last 6 months – not to mention a rise of 6.56% 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 57.04, with the RSI for the last a single of trading hit 63.87, and the three-weeks RSI is set at 53.80 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 37.49, while it was recorded at 37.43 for the last single week of trading, and 40.34 for the last 200 days.
Corning Incorporated [GLW]: Deeper insight into the fundamentals
Corning Incorporated’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.80.
Earnings analysis for Corning Incorporated [GLW]
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 22.14%.
Insider trade positions for Corning Incorporated [GLW]
There are presently around $21,621 million, or 70.30% of GLW stock, in the hands of institutional investors. The top three institutional holders of GLW stocks are: VANGUARD GROUP INC with ownership of 91,801,452, which is approximately 0.448% of the company’s market cap and around 9.69% of the total institutional ownership; BLACKROCK INC., holding 53,705,429 shares of the stock with an approximate value of $2.0 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.43 billion in GLW stock with ownership of nearly -18.55% of the company’s market capitalization.
505 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 40,485,478 shares. Additionally, 450 investors decreased positions by around 33,096,327 shares, while 246 investors held positions by with 507,794,695 shares. The mentioned changes placed institutional holdings at 581,376,500 shares, according to the latest SEC report filing. GLW stock had 76 new institutional investments in for a total of 2,506,844 shares, while 88 institutional investors sold positions of 3,263,633 shares during the same period.