Corning Incorporated (NYSE:GLW) finished Wednesday with an addition of $0.24 to close at $32.20, an upside of 0.75 percent. An average of 2,253,820 shares of common stock have been traded in the last five days. There was a gain of $0.45 in the past week, and it reached a new high 8 times over the past 12 months. The last 20 days have seen an average of 3,708,150 shares traded, while the 50-day average volume stands at 4,460,632.
GLW stock has decreased by -5.29% in the last month. The company shares reached their 1-month lowest point of $31.65 on 08/16/23. With the stock rallying to its 52-week high on 01/30/23, shares of the company touched a low of $28.98 and a high of $37.10 in 52 weeks. It has reached a new high 10 times so far this year and achieved 0.81% or $0.26 in price. In spite of this, the price is down -13.21% from the 52-week high.
Insider Transactions
GLW stock investors should be aware that Corning Incorporated (GLW) stock had its last reported insider trading activity 29 days ago on Jul 26. In this transaction, the insider spent $3,378,000. EVP and CLAO, STEVERSON LEWIS A, disposed of 16,710 shares at a price of $34.25 on Jul 26. The insider now owns more than $572,324 worth of shares. Prior to that, Senior VP & GM, Optical Comm. Bell Michael Alan went on to Sale 35,045 shares at $35.00 each on Jun 16. An amount of $1,226,579 was transacted.
Valuation Metrics
Corning Incorporated (GLW) has a trailing price-to-earnings (P/E) ratio of 43.93. The stock’s beta is 1.06. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 2.06, the price-to-book (PB) ratio at 2.39, and the price-to-cash flow ratio at 107.31.
Financial Health
The quick ratio of Corning Incorporated for the three months ended June 29 was 1.00, and the current ratio was 1.70, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.65 and a total debt to equity ratio of 0.67 for the quarter ending June 29. Corning Incorporated’s EBITDA margin for the year ending June 29 is 22.71%, while its operating margin for the same period stands at 7.20%. Its gross profit as reported stood at $4.51 billion compared to revenue of $14.19 billion.
Earnings Surprise
For the three-month period that ended June 29, Corning Incorporated had $7.44 billion in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of $281.0 million in the quarter, while revenues were shrunk -100.36%. The analyst consensus anticipated Corning Incorporated’s latest quarter earnings to come in at $0.46 per share, but it turned out to be $0.45, a -2.20% surprise. For the quarter, EBITDA amounted to $932.0 million. Shareholders own equity worth $852.98 million.
Technical Picture
From a technical analysis perspective, let’s take a brief look at Corning Incorporated (GLW) price momentum. RSI 9-day as of the close on 23 August was 39.92%, suggesting the stock is Neutral, with historical volatility in this time frame at 10.98%.
As of today, GLW’s price is $32.07 +1.42% or $0.45 from its 5-day moving average. GLW is currently trading -6.40% lower than its 20-day SMA and -7.52% lower than its 100-day SMA. However, the stock’s current price level is -1.92% below the SMA50 and +1.00% above the SMA200.
The stochastic %K and %D were 18.11% and 17.06%, respectively, and the average true range (ATR) was 0.48. With the 14-day stochastic at 25.64% and the average true range at 0.53, the RSI (14) stands at 39.77%. The stock has reached -0.03 on the 9-day MACD Oscillator while the 14-day reading was at -0.31.
Analyst Ratings
UBS downgraded Corning Incorporated (NYSE: GLW) to a a Neutral rating in its most recent analyst report. Previously, the stock was rated as a Buy. The consensus rating for Corning Incorporated (GLW) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell GLW, while 4 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 3 analysts, while 9 others rate it as a “buy”.
What is GLW’s price target for the next 12 months?
Analysts predict a range of price targets between $33.00 and $43.00, with a median target of $38.00. Taking a look at these predictions, the average price target given by analysts for Corning Incorporated (GLW) stock is $38.25.
