Corning Incorporated [NYSE: GLW] stock went on an upward path that rose over 0.57% on Monday, amounting to a one-week price increase of more than 3.38%. The company report on March 3, 2023 that Corning’s New EDGE™ Distribution System Accelerates Data Center Cabling Installation by up to 70%.
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The pre-engineered solution helps meet demand for information processing in the cloud – simplifying installation, lowering overall costs, and reducing carbon footprint.
Over the last 12 months, GLW stock dropped by -10.52%. The one-year Corning Incorporated stock forecast points to a potential upside of 6.63. The average equity rating for GLW stock is currently 2.20, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $28.56 billion, with 843.00 million shares outstanding and 763.28 million shares in the current float. Compared to the average trading volume of 4.18M shares, GLW stock reached a trading volume of 5976004 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 $37.99 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 2.20. 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 0.71, with the Price to Sales ratio for GLW stock in the period of the last 12 months amounting to 2.01. The Price to Book ratio for the last quarter was 2.49, with the Price to Cash per share for the same quarter was set at 2.08. Price to Free Cash Flow for GLW in the course of the last twelve months was 361.56 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 3.38. With this latest performance, GLW shares dropped by -2.26% in over the last four-week period, additionally plugging by 4.72% over the last 6 months – not to mention a drop of -10.52% 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 55.35, with the RSI for the last a single of trading hit 59.65, and the three-weeks RSI is set at 54.12 for Corning Incorporated [GLW]. The present Moving Average for the last 50 days of trading for this stock 34.82, while it was recorded at 34.71 for the last single week of trading, and 33.69 for the last 200 days.
Insight into Corning Incorporated Fundamentals:
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 9.90%.
Corning Incorporated [GLW] Insider Position Details
There are presently around $20,910 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 97,196,146, which is approximately 1.26% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 55,529,116 shares of the stock with an approximate value of $1.97 billion in GLW stocks shares; and WELLINGTON MANAGEMENT GROUP LLP, currently with $1.24 billion in GLW stock with ownership of nearly 1.429% of the company’s market capitalization.
548 institutional holders increased their position in Corning Incorporated [NYSE:GLW] by around 34,347,685 shares. Additionally, 497 investors decreased positions by around 30,283,269 shares, while 214 investors held positions by with 524,888,086 shares. The mentioned changes placed institutional holdings at 589,519,040 shares, according to the latest SEC report filing. GLW stock had 143 new institutional investments in for a total of 5,207,054 shares, while 82 institutional investors sold positions of 3,536,902 shares during the same period.