The Stock Of The Week: Corning Incorporated (GLW)

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SNOW Stock

As of Friday close, Corning Incorporated’s (NYSE:GLW) stock was down -$0.51, moving down -1.53 percent to $32.82. The average number of shares traded per day over the past five days has been 4,297,320 shares. 2 times new highs have been achieved over the past 5 days, with a -$0.44 fall in that time frame. In the last twenty days, the average volume was 4,190,380, while in the previous 50 days, it was 4,468,308.

Since last month, GLW stock retreated -7.89%. Shares of the company fell to $32.45 on 03/16/23, the lowest level in the past month. A 52-week high of $38.71 was reached on 01/30/23 after having rallying from a 52-week low of $28.98. Since the beginning of this year, GLW’s stock price has risen by 2.76% or $0.88, and marked a new high 10 times. However, the stock has declined by -15.20% since its 52-week high.

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GLW stock investors should be aware that Corning Incorporated (GLW) stock had its last reported insider trading activity 11 days ago on Mar 07. Fang Li, the President & GM, International of the company, disposed of 19,909 shares for $35.17 on Mar 07. It resulted in a $700,178 divestment by the insider. McRae Lawrence D sold 41,990 shares at an average price of $34.31 on Feb 27. The insider now owns 146,258 shares following the transaction. On Feb 16, Senior VP & GM, Display Zhang John Z sold 5,744 shares at $35.52 apiece. The transaction was valued at $204,004.

Valuation Metrics

Right now, Corning Incorporated (GLW) has a P/E ratio of about 21.35. The stock’s beta is 1.06. Besides these, the trailing price-to-sales (P/S) ratio of 1.94, the price-to-book (PB) ratio of 2.30, and the price-to-cash flow ratio of 349.01 may also be considered.

The latest dividend of $0.28 per share was paid out, which is 3.7% more than last year’s $0.27. On Wednesday February 8 2023, a $0.01 dividend increase was announced.

Financial Health

In the three months ended December 30, Corning Incorporated’s quick ratio stood at 0.90, while its current ratio was 1.40, showing that the company is not able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending December 30 was 0.56, and the total debt-to-equity ratio was 0.58. On the profitability front, the trailing twelve-month gross margin is 31.80% percent. In the year ended December 30, operating margins totaled 10.10%. Based on annual data, GLW earned $4.51 billion in gross profit and brought in $14.19 billion in revenue.

A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 5.40%. Return on equity (ROE) for the past 12 months was 11.10%.

In Corning Incorporated’s quarter-end financial report for December 30, it reported total debt of $6.69 billion. According to the earnings report, the company had a lower net income in the recent quarter than it did in the previous quarter. GLW’s revenue fell -7.93% to $3.49 billion during the quarter, while net income inched up to $3.41 billion. While analysts expected Corning Incorporated to report $0.44 quarterly earnings, the actual figure was $0.47 per share, beating the consensus estimate by 6.80%. During the quarter, the company generated $432.0 million in EBITDA. The liabilities of Corning Incorporated were 17.22 billion at the end of its most recent quarter ended December 30, and its total debt was $6.91 billion. The value of shareholders’ equity is $846.56 million.

Technical Picture

This quick technical analysis looks at Corning Incorporated’s (GLW) price momentum. With a historical volatility rate of 22.75%, the RSI 9-day stood at 35.40% on 17 March.

With respect to its five-day moving average, the current Corning Incorporated price is down by -1.32% percent or -$0.44. At present, GLW shares trade -7.16% below its 20-day simple moving average and +1.96% percent above its 100-day simple moving average. However, the stock is currently trading approximately -3.78% below its SMA50 and -8.38% below its SMA200.

Stochastic coefficient K was 14.47% and Stochastic coefficient D was 16.90%, while ATR was 0.81. Given the Stochastic reading of 10.39% for the 14-day period, the RSI (14) reading has been calculated as 38.10%. As of today, the MACD Oscillator reading stands at -0.53, while the 14-day reading stands at -0.95.

Analyst Ratings

Credit Suisse upgraded its rating on Corning Incorporated (NYSE: GLW) to an Outperform in a note to investors on January 04, 2023. The analysts firm previously had a Neutral rating on the stock.Corning Incorporated (GLW) has been rated Overweight by analysts. According to 0 brokerage firms, GLW is a sell, and 7 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 2 analysts rate Corning Incorporated stock as buy, with 7 recommending it as overweight.

With a median target price of $38.45, the current consensus forecast for the stock is $32.00 – $42.00. Based on these forecasts, analysts predict Corning Incorporated (GLW) will achieve an average price target of $37.74.


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