Corning Inc. (NYSE:GLW) finished Friday with an addition of $0.15 to close at $30.47, an upside of 0.49 percent. An average of 2,916,600 shares of common stock have been traded in the last five days. There was a fall of -$0.75 in the past week, and it reached a new high 22 times over the past 12 months. The last 20 days have seen an average of 3,150,715 shares traded, while the 50-day average volume stands at 3,522,374.
GLW stock has decreased by -6.99% in the last month. The company shares reached their 1-month lowest point of $29.89 on 09/27/23. 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 lost -4.60% or -$1.47 in price. In spite of this, the price is down -17.87% from the 52-week high.
Insider Transactions
GLW stock investors should be aware that Corning Inc. (GLW) stock had its last reported insider trading activity 66 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 Inc. (GLW) has a trailing price-to-earnings (P/E) ratio of 41.59. The stock’s beta is 1.07. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 1.96, the price-to-book (PB) ratio at 2.19, and the price-to-cash flow ratio at 101.92.
The company has a payout ratio of 70.33%. The company’s most recent quarterly dividend payment was $0.28 a share, without any change from last year. Its latest increase dividend $0.01 reported on Wednesday February 8 2023.
Financial Health
The quick ratio of Corning Inc. for the three months ended June 29 was 1.03, and the current ratio was 1.65, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.72 and a total debt to equity ratio of 0.75 for the quarter ending June 29. Its gross profit as reported stood at $4.51 billion compared to revenue of $14.19 billion.
For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Corning Inc.’s return on assets was 2.16%.
Earnings Surprise
For the three-month period that ended June 29, Corning Inc. 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 Inc.’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 Inc. (GLW) price momentum. RSI 9-day as of the close on 29 September was 35.87%, suggesting the stock is Neutral, with historical volatility in this time frame at 17.75%.
As of today, GLW’s price is $30.39 -2.40% or -$0.75 from its 5-day moving average. GLW is currently trading -7.16% lower than its 20-day SMA and -3.18% lower than its 100-day SMA. However, the stock’s current price level is -8.20% below the SMA50 and -9.02% below the SMA200.
The stochastic %K and %D were 17.18% and 10.50%, respectively, and the average true range (ATR) was 0.49. With the 14-day stochastic at 25.33% and the average true range at 0.50, the RSI (14) stands at 36.30%. The stock has reached -0.59 on the 9-day MACD Oscillator while the 14-day reading was at -0.77.
Analyst Ratings
UBS downgraded Corning Inc. (NYSE: GLW) to a a Neutral rating in its most recent analyst report. Previously, the stock was rated as a Buy.
