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Corning, Inc. (GLW) Stock Could Soon Reward Patient Investors

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Corning, Inc. (NYSE: GLW) is 7.29% higher on its value in year-to-date trading and has touched a low of $25.26 and a high of $36.01 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 $32.96 in the last trading session, with the day’s loss setting it -0.29%.

Currently trading at $32.67, the stock is -0.09% and 1.66% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 2.3 million and changing -0.88% at the moment leaves the stock 4.53% off its SMA200. GLW registered -4.92% loss for a year compared to 6-month gain of 7.75%. The firm has a 50-day simple moving average (SMA 50) of $2.75 and a 200-day simple moving average (SMA200) of $13.78.

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The stock witnessed a 1.33% loss in the last 1 month and extending the period to 3 months gives it a 6.66%, and is 0.31% 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 1.31% over the week and 1.57% over the month.

Corning, Inc. (GLW) has around 49800 employees, a market worth around $27.94B and $12.59B in sales. Current P/E ratio is 48.34 and Fwd P/E is 15.32. Profit margin for the company is 4.62%. Distance from 52-week low is 29.33% and -9.29% from its 52-week high. The company has generated returns on investments over the last 12 months (2.96%).

Corning, Inc. quarterly earnings per share for the current quarter are estimated at $0.35 with sales reaching $3.11B over the same period.The EPS is expected to grow by 9.76% this year, but quarterly earnings will post -0.30% year-over-year. Quarterly sales are estimated to shrink -7.60% in year-over-year returns.

Corning, Inc. (GLW) Top Institutional Holders

1,494 institutions hold shares in Corning, Inc. (GLW), with institutional investors hold 78.62% of the company’s shares. The shares outstanding are 820.00M, and float is at 772.47M with Short Float at 1.61%. Institutions hold 71.02% of the Float.

The top institutional shareholder in the company is Vanguard Group Inc with over 98.28 million shares valued at $3.44 billion. The investor’s holdings represent 11.52% of the GLW Shares outstanding. As of Jun 29, 2023, the second largest holder is Blackrock Inc. with 58.33 million shares valued at $2.04 billion to account for 6.84% of the shares outstanding. The other top investors are State Street Corporation which holds 31.58 million shares representing 3.70% and valued at over $1.11 billion, while Wellington Management Group, LLP holds 3.13% of the shares totaling 26.66 million with a market value of $934.15 million.

Corning, Inc. (GLW) Insider Activity

The most recent transaction is an insider sale by McRae Lawrence D,the company’sRetired Vice Chairman. SEC filings show that McRae Lawrence D sold 77,464 shares of the company’s common stock on Mar 21 ’24 at a price of $33.24 per share for a total of $2.58 million. Following the sale, the insider now owns 0.22 million shares.

Corning, Inc. disclosed in a document filed with the SEC on Feb 29 ’24 that Bayne John P JR (SVP &GM, Mobile Consumer Elec.) sold a total of 4,086 shares of the company’s common stock. The trade occurred on Feb 29 ’24 and was made at $32.21 per share for $0.13 million. Following the transaction, the insider now directly holds 0.0 shares of the GLW stock.

Still, SEC filings show that on Feb 21 ’24, Fang Li (SVP, Corning Intl & NBD, Solar) disposed off 8,480 shares at an average price of $32.34 for $0.27 million. The insider now directly holds 0 shares of Corning, Inc. (GLW).

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