Corning Incorporated (GLW) Analysis & Forecast for July 2020

Corning Incorporated (NYSE: GLW) is -9.00% lower on its value in year-to-date trading and has touched a low of $17.44 and a high of $34.25 in the current 52-week trading range. The GLW stock was last observed hovering at around $26.49 in the recent trading session, with the current loss setting it -0.27% off its average median price target of $25.00 for the next 12 months. It is also 20.55% off the consensus price target high of $33.00 offered by 13 analysts, but current levels are -19.18% lower than the price target low of $22.00 for the same period.

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At last check, trading at $26.22, the stock is -1.36% and 9.80% above its SMA20 and SMA50 respectively. However, with a current trading volume of 0.87 million and changing -1.02% at the moment leaves the stock 0.77% off its SMA200. GLW registered -19.75% loss for a year compared to 6-month loss of -10.75%. The firm has a 50-day simple moving average (SMA 50) of $25.26 and a 200-day simple moving average (SMA200) of $24.62.

The stock witnessed a -0.71% gain in the last 1 month and extending the period to 3 months gives it a 34.40%, and is 3.15% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.07% over the week and 3.01% over the month.

Corning Incorporated (GLW) has around 49500 employees, a market worth around $19.89B and $11.08B in sales. Current P/E ratio is 77.01 and Fwd P/E is 15.80. Profit margin for the company is 2.40%. Distance from 52-week low is 50.34% and -23.45% from its 52-week high. The company has generated returns on investments over the last 12 months (5.70%).

Corning Incorporated (GLW) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Corning Incorporated (GLW) is a “Overweight”. 13 analysts offering their recommendations for the stock have an average rating of 2.50, where 9 rate it as a Hold and 0 think it is a “Overweight”. 4 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Corning Incorporated is expected to release its quarterly report on 07/28/2020 and quarterly earnings per share for the current quarter are estimated at $0.12 with sales reaching $2.37B over the same period.The EPS is expected to shrink by -5.70% this year, but quarterly earnings will post -11.20% year-over-year. Quarterly sales are estimated to shrink -20.70% in year-over-year returns.

Corning Incorporated (GLW) Top Institutional Holders

1,233 institutions hold shares in Corning Incorporated (GLW), with 2.47M shares held by insiders accounting for 0.32% while institutional investors hold 75.87% of the company’s shares. The shares outstanding are 760.00M, and float is at 758.47M with Short Float at 3.13%. Institutions hold 75.62% of the Float.

Corning Incorporated (GLW) Insider Activity

A total of 27 insider transactions have happened at Corning Incorporated (GLW) in the last six months, with sales accounting for 14 and purchases happening 13 times. The most recent transaction is an insider sale by France Robert P., the company’s Senior VP, Human Resources. SEC filings show that France Robert P. sold 2,140 shares of the company’s common stock on May 15 at a price of $19.64 per share for a total of $42038.0. Following the sale, the insider now owns 30000.0 shares.

Corning Incorporated disclosed in a document filed with the SEC on Dec 11 that CUMMINGS ROBERT F JR (Director) sold a total of 2,345 shares of the company’s common stock. The trade occurred on Dec 11 and was made at $28.39 per share for $66577.0. Following the transaction, the insider now directly holds 0.15 million shares of the GLW stock.

Still, SEC filings show that on Nov 11, Curran Martin J (Exec. VP & Innovation Officer) disposed off 13,254 shares at an average price of $30.00 for $0.4 million. The insider now directly holds 0 shares of Corning Incorporated (GLW).

Corning Incorporated (GLW): Who are the competitors?

The company’s main competitors (and peers) include Optical Cable Corporation (OCC) that is trading -39.70% down over the past 12 months. Thermo Fisher Scientific Inc. (TMO) is 27.68% up on the 1-year trading charts. Short interest in the company’s stock has risen 10.35% from the last report on May 14, 2020 to stand at a total of 21.31 million short shares sold with a short interest ratio of 3.63.

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