Corning Incorporated [NYSE: GLW] stock went on a downward path that fall over -2.68% on Wednesday, amounting to a one-week price decrease of less than -1.14%. The company report on July 26, 2022 that Corning Reports Strong Second-Quarter Results Highlighted by Continued Growth and Improved Profitability.
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Core sales grew 7% year over year to $3.8 billion and core EPS increased 8% year over year to $0.57; Optical Communications sales grew 22% year over year; Second-quarter free cash flow was $440 million, keeping the company on pace for another year of strong cash generation; Management now expects full-year core sales to slightly exceed $15 billion, growing 6% to 8%.
Corning Incorporated (NYSE: GLW) today announced second-quarter 2022 results and provided its outlook for third-quarter and full-year 2022.
Over the last 12 months, GLW stock dropped by -9.88%. The one-year Corning Incorporated stock forecast points to a potential upside of 10.15. 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 $30.42 billion, with 843.00 million shares outstanding and 762.37 million shares in the current float. Compared to the average trading volume of 4.71M shares, GLW stock reached a trading volume of 6198365 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 $40.49 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.
Credit Suisse have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 17, 2022. While these analysts kept the previous recommendation, Citigroup dropped their target price from $46 to $37. The new note on the price target was released on May 23, 2022, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another drop from $53 to $38, while Barclays kept a Equal Weight rating on GLW stock. On January 28, 2022, analysts increased their price target for GLW shares from 38 to 50.
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 2.09. The Price to Book ratio for the last quarter was 2.61, with the Price to Cash per share for the same quarter was set at 1.95. Price to Free Cash Flow for GLW in the course of the last twelve months was 54.43 with Quick ratio for the last quarter at 0.90.
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 -1.14. With this latest performance, GLW shares gained by 6.41% in over the last four-week period, additionally sinking by -13.57% over the last 6 months – not to mention a drop of -9.88% 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 55.73, with the RSI for the last a single of trading hit 52.36, and the three-weeks RSI is set at 55.91 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 34.08, while it was recorded at 37.12 for the last single week of trading, and 36.60 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 0.90 and a Current Ratio set at 1.40.
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 $21,555 million, or 71.10% of GLW stock, in the hands of institutional investors. The top three institutional holders of GLW stocks are: VANGUARD GROUP INC with ownership of 94,983,734, which is approximately 2.412% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 54,148,518 shares of the stock with an approximate value of $1.97 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.22 billion in GLW stock with ownership of nearly 0.19% of the company’s market capitalization.
Positions in Corning Incorporated stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 563 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 38,311,582 shares. Additionally, 493 investors decreased positions by around 23,460,710 shares, while 211 investors held positions by with 530,736,958 shares. The mentioned changes placed institutional holdings at 592,509,250 shares, according to the latest SEC report filing. GLW stock had 77 new institutional investments in for a total of 2,972,523 shares, while 125 institutional investors sold positions of 3,916,405 shares during the same period.