Corning Incorporated [NYSE: GLW] stock went on a downward path that fall over -0.76% on Wednesday, amounting to a one-week price increase of more than 1.84%. The company report on November 30, 2022 that Corning Redefines Tough with Corning® Gorilla® Glass Victus® 2.
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Over the last 12 months, GLW stock dropped by -8.29%. The one-year Corning Incorporated stock forecast points to a potential upside of 10.2. The average equity rating for GLW stock is currently 2.10, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $28.79 billion, with 843.00 million shares outstanding and 763.28 million shares in the current float. Compared to the average trading volume of 4.70M shares, GLW stock reached a trading volume of 3996020 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 $37.56 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 2.10. 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.
Fox Advisors have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on October 26, 2022. While these analysts kept the previous recommendation, Credit Suisse raised their target price to Neutral. The new note on the price target was released on August 17, 2022, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another drop from $46 to $37, while Citigroup kept a Neutral rating on GLW stock. On May 11, 2022, analysts decreased their price target for GLW shares from 53 to 38.
The Average True Range (ATR) for Corning Incorporated is set at 0.78, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 1.99. The Price to Book ratio for the last quarter was 2.52, with the Price to Cash per share for the same quarter was set at 1.91. Price to Free Cash Flow for GLW in the course of the last twelve months was 99.61 with Quick ratio for the last quarter at 0.90.
GLW Stock Performance Analysis:
Corning Incorporated [GLW] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.84. With this latest performance, GLW shares dropped by -0.76% in over the last four-week period, additionally plugging by 3.02% over the last 6 months – not to mention a drop of -8.29% 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 53.47, with the RSI for the last a single of trading hit 53.40, and the three-weeks RSI is set at 53.29 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 32.62, while it was recorded at 33.51 for the last single week of trading, and 34.14 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 1.50.
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 8.58%.
Corning Incorporated [GLW] Insider Position Details
There are presently around $19,782 million, or 70.00% of GLW stock, in the hands of institutional investors. The top three institutional holders of GLW stocks are: VANGUARD GROUP INC with ownership of 95,986,278, which is approximately 1.055% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 55,945,292 shares of the stock with an approximate value of $1.89 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.16 billion in GLW stock with ownership of nearly 3.072% of the company’s market capitalization.
Positions in Corning Incorporated stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 505 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 35,080,298 shares. Additionally, 494 investors decreased positions by around 40,412,144 shares, while 222 investors held positions by with 510,995,391 shares. The mentioned changes placed institutional holdings at 586,487,833 shares, according to the latest SEC report filing. GLW stock had 81 new institutional investments in for a total of 13,416,542 shares, while 98 institutional investors sold positions of 2,105,668 shares during the same period.