Market Analysts see Corning Incorporated [GLW] gaining to $36. Time to buy?

Corning Incorporated [NYSE: GLW] traded at a high on 01/04/23, posting a 4.82 gain after which it closed the day’ session at $34.11. The company report on November 30, 2022 that Corning Redefines Tough with Corning® Gorilla® Glass Victus® 2.

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The results of the trading session contributed to over 5798009 shares changing hands. Over the past one week, the price volatility of Corning Incorporated stands at 1.99% while the volatility over the past one month is 1.92%.

The market cap for GLW stock reached $28.89 billion, with 843.00 million shares outstanding and 763.28 million shares in the current float. Compared to the average trading volume of 4.45M shares, GLW reached a trading volume of 5798009 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 $37.18 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.

Credit Suisse have made an estimate for Corning Incorporated shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 04, 2023. The new note on the price target was released on October 26, 2022, representing the official price target for Corning Incorporated stock. Previously, the target price had yet another raise to $36, while Credit Suisse analysts kept a Neutral rating on GLW stock. On May 23, 2022, analysts decreased their price target for GLW shares from 46 to 37.

The Average True Range (ATR) for Corning Incorporated is set at 0.76, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 2.00. The Price to Book ratio for the last quarter was 2.55, with the Price to Cash per share for the same quarter was set at 1.92. Price to Free Cash Flow for GLW in the course of the last twelve months was 99.95 with Quick ratio for the last quarter at 0.90.

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 6.93. With this latest performance, GLW shares gained by 0.32% in over the last four-week period, additionally plugging by 6.89% over the last 6 months – not to mention a drop of -8.28% 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 61.51, with the RSI for the last a single of trading hit 68.77, and the three-weeks RSI is set at 57.76 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 32.95, while it was recorded at 32.40 for the last single week of trading, and 33.78 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 0.90 and a Current Ratio set at 1.50.

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 7.92%.

Insider trade positions for Corning Incorporated [GLW]

There are presently around $19,724 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 $1.91 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.18 billion in GLW stock with ownership of nearly 3.072% of the company’s market capitalization.

496 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 35,060,358 shares. Additionally, 487 investors decreased positions by around 40,348,242 shares, while 221 investors held positions by with 502,826,219 shares. The mentioned changes placed institutional holdings at 578,234,819 shares, according to the latest SEC report filing. GLW stock had 79 new institutional investments in for a total of 13,411,399 shares, while 98 institutional investors sold positions of 2,105,668 shares during the same period.

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