Corning Incorporated (NYSE:GLW) saw a downside of -0.85% to close Tuesday at $32.83 after subtracting -$0.28 on the day. The 5-day average trading volume is 4,104,860 shares of the company’s common stock. It has gained $34.06 in the past week and touched a new high 1 time within the past 5 days. An average of 4,984,400 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 4,982,850.
GLW’s 1-month performance is -6.25% or -$1.87 on its low of $32.31 reached on 08/08/23. The company’s shares have touched a 52-week low of $28.98 and high of $37.73, with the stock’s rally to the 52-week high happening on 01/30/23. YTD, GLW has achieved 2.79% or $0.89 and has reached a new high 10 times. However, the current price is down -12.99% from the 52-week high price.
Insider Transactions
GLW stock investors last saw insider trading activity on Jul 26.WEEKS WENDELL P (Chairman and CEO) most recently sold 100,000 shares at $33.78 per share on Jul 26. This transaction cost the insider $3,378,000. EVP and CLAO, STEVERSON LEWIS A, sold 16,710 shares at a price of $34.25 on Jul 26. Then, on Jun 16, Senior VP & GM, Optical Comm. Bell Michael Alan sold 35,045 shares at a price of $35.00 per share. This transaction amounted to $1,226,579.
Valuation Metrics
GLW stock has a beta of 1.06. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 2.13 while the price-to-book (PB) in the most recent quarter is 2.44.
Corning Incorporated’s quick ratio for the period ended June 29 was 1.00, with the current ratio over the same period at 1.70. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.65, while the total debt to equity was 0.67.. In terms of profitability, the gross margin trailing 12 months is 30.00%. The trailing 12-month EBITDA margin is 22.71% while for the period ending June 29, Corning Incorporated’s operating margin was 7.20%. The firm’s gross profit as reported stood at $4.51 billion against revenue of $14.19 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income shrunk -100.36% to $281.0 million, while revenue of $176.0 million was 37.37% off the previous quarter. Analysts expected GLW to announce $0.46 per share in earnings in its latest quarter, but it posted $0.45, representing a -2.20% surprise. EBITDA for the quarter stood at more than $932.0 million. GLW stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 16.93 billion, with total debt at $8.55 billion. Shareholders hold equity totaling $852.98 million.
Let’s look briefly at Corning Incorporated (GLW) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 08 August was 31.87% to suggest the stock is trending Neutral, with historical volatility in this time period at 10.37%.
The stock’s 5-day moving average is $33.28, reflecting a -2.70% or -$0.91 change from its current price. GLW is currently trading -7.26% above its 20-day SMA, +0.06% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +5.77% and SMA200 by+4.49%.
Stochastic %K and %D was 17.71% and 25.25% and the average true range (ATR) pointed at 0.68. The RSI (14) points at 38.92%, while the 14-day stochastic is at 21.92% with the period’s ATR at 0.68. The stock’s 9-day MACD Oscillator is pointing at -0.51 and -0.53 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Corning Incorporated (NYSE: GLW), UBS downgraded it to a Neutral rating. They previously had a Buy rating on the stock. Analysts offering their rating for GLW stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate GLW as a “sell,”, while 4 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 3 rates the stock as overweight while 9 have offered a “buy” rating.
What is GLW’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $33.00 and a high of $43.00, with their median price target at $38.00. Looking at these predictions, the average price target given by analysts is for Corning Incorporated (GLW) stock is $38.25.
