Corning Incorporated [NYSE: GLW] stock went on an upward path that rose over 0.50% on Tuesday, amounting to a one-week price decrease of less than -10.44%. The company report on June 6, 2022 that 5E Advanced Materials Signs Letter of Intent With Corning Incorporated.
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5E signs Letter of Intent with Corning Inc. to supply boron specialty materials.
Over the last 12 months, GLW stock dropped by -21.75%. The one-year Corning Incorporated stock forecast points to a potential upside of 26.9. The average equity rating for GLW stock is currently 2.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $27.91 billion, with 843.00 million shares outstanding and 761.66 million shares in the current float. Compared to the average trading volume of 5.08M shares, GLW stock reached a trading volume of 6148783 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $43.91 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 2.00. 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.
Citigroup have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on May 23, 2022. While these analysts kept the previous recommendation, Barclays dropped their target price from $53 to $38. The new note on the price target was released on May 11, 2022, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another raise from $38 to $50, while Susquehanna kept a Positive rating on GLW stock. On January 27, 2022, analysts increased their price target for GLW shares from 38 to 50.
The Average True Range (ATR) for Corning Incorporated is set at 1.12, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 1.93. The Price to Book ratio for the last quarter was 2.18, with the Price to Cash per share for the same quarter was set at 2.32. Price to Free Cash Flow for GLW in the course of the last twelve months was 46.44 with Quick ratio for the last quarter at 1.00.
GLW Stock Performance Analysis:
Corning Incorporated [GLW] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.44. With this latest performance, GLW shares dropped by -9.68% in over the last four-week period, additionally sinking by -13.08% over the last 6 months – not to mention a drop of -21.75% 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 34.50, with the RSI for the last a single of trading hit 28.14, and the three-weeks RSI is set at 37.93 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 34.93, while it was recorded at 33.48 for the last single week of trading, and 37.42 for the last 200 days.
Insight into Corning Incorporated Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Corning Incorporated [GLW] shares currently have an operating margin of +15.19 and a Gross Margin at +35.26. Corning Incorporated’s Net Margin is presently recorded at +13.55.
Return on Equity for this stock inclined to 14.90, with Return on Assets sitting at 6.26.
Corning Incorporated’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.60.
GLW Stock EPS
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 21.48%.
Corning Incorporated [GLW] Insider Position Details
There are presently around $18,500 million, or 70.40% of GLW stock, in the hands of institutional investors. The top three institutional holders of GLW stocks are: VANGUARD GROUP INC with ownership of 92,746,889, which is approximately 0.729% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 54,112,594 shares of the stock with an approximate value of $1.73 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.07 billion in GLW stock with ownership of nearly -10.499% of the company’s market capitalization.
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 563 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 29,533,203 shares. Additionally, 493 investors decreased positions by around 32,973,456 shares, while 222 investors held positions by with 516,706,478 shares. The mentioned changes placed institutional holdings at 579,213,137 shares, according to the latest SEC report filing. GLW stock had 102 new institutional investments in for a total of 5,160,973 shares, while 77 institutional investors sold positions of 2,346,681 shares during the same period.