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Corning Incorporated (GLW) Analysis & Forecast for 2021

Corning Incorporated (NYSE: GLW) is 26.33% higher on its value in year-to-date trading and has touched a low of $17.82 and a high of $44.12 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The GLW stock was last observed hovering at around $43.99 in the last trading session, with the day’s gains setting it 1.49% off its average median price target of $42.50 for the next 12 months. It is also 12.54% off the consensus price target high of $52.00 offered by 14 analysts, but current levels are -33.76% lower than the price target low of $34.00 for the same period.

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Currently trading at $45.48, the stock is 10.93% and 17.06% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 5.53 million and changing 3.39% at the moment leaves the stock 31.77% off its SMA200. GLW registered 143.21% gain for a year compared to 6-month gain of 39.81%. The firm has a 50-day simple moving average (SMA 50) of $39.88 and a 200-day simple moving average (SMA200) of $36.64.

The stock witnessed a 23.05% loss in the last 1 month and extending the period to 3 months gives it a 26.33%, and is 4.77% 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 1.94% over the week and 2.61% over the month.

Corning Incorporated (GLW) has around 50110 employees, a market worth around $34.60B and $11.30B in sales. Current P/E ratio is 93.77 and Fwd P/E is 20.64. Profit margin for the company is 3.70%. Distance from 52-week low is 155.22% and 3.08% from its 52-week high. The company has generated returns on investments over the last 12 months (4.70%).

Corning Incorporated (GLW) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Corning Incorporated (GLW) is a “Overweight”. 14 analysts offering their recommendations for the stock have an average rating of 2.00, where 5 rate it as a Hold and 0 think it is a “Overweight”. 8 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 08/03/2021 and quarterly earnings per share for the current quarter are estimated at $0.43 with sales reaching $3.11B over the same period.The EPS is expected to shrink by -49.80% this year, but quarterly earnings will post 14.50% year-over-year. Quarterly sales are estimated to grow 22.90% in year-over-year returns.

Corning Incorporated (GLW) Top Institutional Holders

1,360 institutions hold shares in Corning Incorporated (GLW), with 2.37M shares held by insiders accounting for 0.31% while institutional investors hold 76.39% of the company’s shares. The shares outstanding are 769.16M, and float is at 765.79M with Short Float at 1.43%. Institutions hold 76.16% of the Float.

The top institutional shareholder in the company is Vanguard Group, Inc. (The) with over 84.65 million shares valued at $3.05 billion. The investor’s holdings represent 11.01% of the GLW Shares outstanding. As of Dec 30, 2020, the second largest holder is Blackrock Inc. with 51.89 million shares valued at $1.87 billion to account for 6.75% of the shares outstanding. The other top investors are Wellington Management Group, LLP which holds 49.64 million shares representing 6.45% and valued at over $1.79 billion, while State Street Corporation holds 5.06% of the shares totaling 38.94 million with a market value of $1.4 billion.

Corning Incorporated (GLW) Insider Activity

A total of 154 insider transactions have happened at Corning Incorporated (GLW) in the last six months, with sales accounting for 56 and purchases happening 98 times. The most recent transaction is an insider sale by Kinlin Clark S ,the company’sExecutive Vice President. SEC filings show that Kinlin Clark S sold 37,239 shares of the company’s common stock on Mar 15 at a price of $41.41 per share for a total of $1.54 million. Following the sale, the insider now owns 52276.0 shares.

Corning Incorporated disclosed in a document filed with the SEC on Mar 12 that McRae Lawrence D (Vice Chairman & Corp. Dev. Off) sold a total of 66,683 shares of the company’s common stock. The trade occurred on Mar 12 and was made at $40.15 per share for $2.68 million. Following the transaction, the insider now directly holds 0.15 million shares of the GLW stock.

Still, SEC filings show that on Mar 10, Tripeny R Tony (Exec. Vice President and CFO) disposed off 44,795 shares at an average price of $38.90 for $1.74 million. The insider now directly holds 0 shares of Corning Incorporated (GLW).

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Corning Incorporated (GLW): Who are the competitors?

The company’s main competitors (and peers) include Optical Cable Corporation (OCC) that is trading 55.76% up over the past 12 months and Viavi Solutions Inc. (VIAV) that is 52.30% higher over the same period. Thermo Fisher Scientific Inc. (TMO) is 61.85% up on the 1-year trading charts. Short interest in the company’s stock has risen 13.1% from the last report on Feb 11, 2021 to stand at a total of 9.49 million short shares sold with a short interest ratio of 2.05.

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