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When Will Corning Incorporated. (GLW) Be Worth Investing In?

Corning Incorporated (NYSE:GLW) has a beta value of 1.08 and has seen 0.9 million shares traded in the recent trading session. The company, currently valued at $30.21B, closed the recent trade at $35.33 per share which meant it lost -$0.48 on the day or -1.33% during that session. The GLW stock price is -23.04% off its 52-week high price of $43.47 and 17.97% above the 52-week low of $28.98. If we look at the company’s 10-day average daily trading volume, we find that it stood at 3.97 million shares traded. The 3-month trading volume is 4.19 million shares.

The consensus among analysts is that Corning Incorporated (GLW) is an Overweight stock at the moment, with a recommendation rating of 2.00. 0 analysts rate the stock as a Sell, while 1 rate it as Overweight. 6 out of 16 have rated it as a Hold, with 9 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.45.

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Corning Incorporated (NYSE:GLW) trade information

Sporting -1.33% in the red today, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 01/24/23 when the GLW stock price touched $35.33 or saw a rise of 3.28%. Year-to-date, Corning Incorporated shares have moved 12.12%, while the 5-day performance has seen it change -0.39%. Over the past 30 days, the shares of Corning Incorporated (NYSE:GLW) have changed 11.80%. Short interest in the company has seen 12.76 million shares shorted with days to cover at 2.71.

Wall Street analysts have a consensus price target for the stock at $37.58, which means that the shares’ value could jump 5.99% from the levels at last check today. The projected low price target is $32.00 while the price target rests at a high of $42.00. In that case, then, we find that the latest price level in today’s session is -18.88% off the targeted high while a plunge would see the stock lose 9.43% from the levels at last check today.

Corning Incorporated (GLW) estimates and forecasts

Figures show that Corning Incorporated shares have outperformed across the wider relevant industry. The company’s shares have gained 3.83% over the past 6 months, with this year growth rate of 0.00%, compared to -0.80% for the industry. Revenue growth from the last financial year stood is estimated to be 4.00%.

9 analysts offering their estimates for the company have set an average revenue estimate of $3.58 billion for the current quarter. 8 have an estimated revenue figure of $3.59 billion for the next quarter concluding in Mar 2023. Year-ago sales stood $3.71 billion and $3.74 billion respectively for this quarter and the next, and analysts expect sales will shrink by -3.50% for the current quarter and -4.00% for the next.

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 2023 is a modest 138.40% while over the next 5 years, the company’s earnings are expected to increase by 8.40%.

GLW Dividends

Corning Incorporated is expected to release its next earnings report between April 24 and April 28 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 3.02%. The company’s dividend yield has gone up over the past 12 months.

Corning Incorporated (NYSE:GLW)’s Major holders

Insiders own 10.03% of the company shares, while shares held by institutions stand at 73.02% with a share float percentage of 81.16%. Investors are also buoyed by the number of investors in a company, with Corning Incorporated having a total of 1,443 institutions that hold shares in the company. The top two institutional holders are Vanguard Group, Inc. (The) with over 94.98 million shares worth more than $2.99 billion. As of Jun 29, 2022, Vanguard Group, Inc. (The) held 11.24% of shares outstanding.

The other major institutional holder is Blackrock Inc., with the holding of over 54.15 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $1.71 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 Jun 29, 2022, the former fund manager holds about 2.65% shares in the company for having 22.39 million shares of worth $705.47 million while later fund manager owns 17.5 million shares of worth $551.39 million as of Jun 29, 2022, which makes it owner of about 2.07% of company’s outstanding stock.

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