In today’s recent session, 3.95 million shares of the Corning, Inc. (NYSE:GLW) have been traded, and its beta is 1.04. Most recently the company’s share price was $46.28, and it changed around $1.69 or 3.79% from the last close, which brings the market valuation of the company to $39.60B. GLW at last check was trading at a discount to its 52-week high of $46.39, offering almost -0.24% off that amount. The share price’s 52-week low was $25.26, which indicates that the recent value has risen by an impressive 45.42% since then. We note from Corning, Inc.’s average daily trading volume that its 10-day average is 3.32 million shares, with the 3-month average coming to 6.05 million.
Corning, Inc. stock received a consensus recommendation rating of Hold, based on a mean score of 1.94. If we narrow it down even further, the data shows that 2 out of 16 analysts rate the stock as a Sell; another 3 rate it as Overweight. Among the rest, 8 recommended GLW as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. Corning, Inc. is expected to report earnings per share of 0.52 for the current quarter.
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Corning, Inc. (NYSE:GLW) trade information
Instantly GLW has been showing a green trend so far today with a performance of 3.79% on intraday trading today. The performance over the last five days has remained in the green territory. The rise to weekly highs of 46.04 on recent trading daydecreased the stock’s daily price by -0.52%. The company’s shares are currently up 51.99% year-to-date, but still up 3.05% over the last five days. On the other hand, Corning, Inc. (NYSE:GLW) is 12.44% up in the 30-day period. We can see from the shorts that 10.68 million shares have been sold at a short interest cover period of 2.65 day(s).
The consensus price target as assigned by Wall Street analysts is $50, which translates to bulls needing to increase their stock price by 7.44% from its current value. Analyst projections state that GLW is forecast to be at a low of $38 and a high of $55.
Corning, Inc. (GLW) estimates and forecasts
Corning, Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 44.85 percent over the past six months and at a 12.35% annual growth rate that is well below the industry average of 32.80%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 15.60% in revenue this quarter, and will report an increase of 33.30% in the next quarter. The year-over-year growth rate is expected to be 5.00%, up from the previous year.
Consensus estimates provided by 11 financial analysts predict the company will bring in an average of 3.72B in revenue for the current quarter. 10 analysts expect Corning, Inc. to make 3.68B in revenue for the current ending quarter. The company’s sales for the same quarters a year ago were 3.5B and 3.27B respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 6.10%. Forecasts for the next quarter put sales growth at 12.40%.
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -9.80%. Corning, Inc. earnings are expected to increase by 12.55% in 2024, but the outlook is positive 13.63% per year for the next five years.
GLW Dividends
Corning, Inc.’s next quarterly earnings report is expected to be released on 2024-Oct-22. The annual dividend yield of the stock is 2.42 percent and its annual dividend per share was 1.12. It is important to note, however, that the 2.42% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision. The average dividend yield for the past five years averaged 2.96 per year.
Corning, Inc. (NYSE:GLW)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 9.33% of Corning, Inc. shares, and 73.95% of them are in the hands of institutional investors. The stock currently has a share float of 81.56%. Corning, Inc. stock is held by 1606.0 institutions, with VANGUARD GROUP INC being the largest institutional investor. By 2024-06-30, it held 11.5224% of the shares, which is about 98.17 million shares worth $3.81 billion.
BLACKROCK INC., with 7.2954% or 62.16 million shares worth $2.41 billion as of 2024-06-30, holds the second largest percentage of outstanding shares.
