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Corning Incorporated (GLW) Shares Have Declined -14.85% Year To Date

Corning Incorporated (NYSE:GLW) has a beta value of 1.00 and has seen 0.67 million shares traded in the recent trading session. The company, currently valued at $27.26B, closed the recent trade at $31.86 per share which meant it gained $0.16 on the day or 0.52% during that session. The GLW stock price is -36.44% off its 52-week high price of $43.47 and 3.86% above the 52-week low of $30.63. If we look at the company’s 10-day average daily trading volume, we find that it stood at 5.83 million shares traded. The 3-month trading volume is 4.58 million shares.

The consensus among analysts is that Corning Incorporated (GLW) is an Overweight stock at the moment, with a recommendation rating of 2.10. 0 analysts rate the stock as a Sell, while 1 rate it as Overweight. 6 out of 17 have rated it as a Hold, with 10 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.53.

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Corning Incorporated (NYSE:GLW) trade information

Sporting 0.52% in the green today, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 09/20/22 when the GLW stock price touched $31.86 or saw a rise of 3.63%. Year-to-date, Corning Incorporated shares have moved -14.85%, while the 5-day performance has seen it change -3.71%. Over the past 30 days, the shares of Corning Incorporated (NYSE:GLW) have changed -12.41%. Short interest in the company has seen 20.4 million shares shorted with days to cover at 4.11.

Corning Incorporated (GLW) estimates and forecasts

Figures show that Corning Incorporated shares have underperformed across the wider relevant industry. The company’s shares have lost -16.14% over the past 6 months, with this year growth rate of 7.25%, compared to 9.00% for the industry. Other than that, the company has, however, increased its growth outlook for the 2022 fiscal year revenue. Growth estimates for the current quarter are -5.40% and 5.60% for the next quarter. Revenue growth from the last financial year stood is estimated to be 6.60%.

9 analysts offering their estimates for the company have set an average revenue estimate of $3.74 billion for the current quarter. 9 have an estimated revenue figure of $3.8 billion for the next quarter concluding in Dec 2022.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -16.90% over the past 5 years. Earnings growth for 2022 is a modest 138.40% while over the next 5 years, the company’s earnings are expected to increase by 11.42%.

GLW Dividends

Corning Incorporated is expected to release its next earnings report between April 25 and April 29 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 1.08 at a share yield of 3.41%. The company’s dividend yield has gone up over the past 12 months.

Corning Incorporated (NYSE:GLW)’s Major holders

Insiders own 10.07% of the company shares, while shares held by institutions stand at 72.20% with a share float percentage of 80.28%. Investors are also buoyed by the number of investors in a company, with Corning Incorporated having a total of 1,487 institutions that hold shares in the company. The top two institutional holders are Vanguard Group, Inc. (The) with over 92.75 million shares worth more than $3.42 billion. As of Mar 30, 2022, Vanguard Group, Inc. (The) held 10.98% of shares outstanding.

The other major institutional holder is Blackrock Inc., with the holding of over 54.11 million shares as of Mar 30, 2022. The firm’s total holdings are worth over $2.0 billion and represent 6.41% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Vanguard Total Stock Market Index Fund and Vanguard Mid-Cap Index Fund. As of Mar 30, 2022, the former fund manager holds about 2.60% shares in the company for having 21.96 million shares of worth $810.36 million while later fund manager owns 17.28 million shares of worth $637.96 million as of Mar 30, 2022, which makes it owner of about 2.05% of company’s outstanding stock.

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