Corning, Inc. (NYSE:GLW)’s traded shares stood at 3.94 million during the last session, with the company’s beta value hitting 1.04. At the close of trading, the stock’s price was $46.25, to imply a decrease of -1.20% or -$0.56 in intraday trading. The GLW share’s 52-week high remains $47.72, putting it -3.18% down since that peak but still an impressive 42.98% since price per share fell to its 52-week low of $26.37. The company has a valuation of $39.58B, with an average of 3.54 million shares in intraday trading volume over the past 10 days and average of 5.10 million shares over the past 3 months.
Analysts have given a consensus recommendation of Hold for Corning, Inc. (GLW), translating to a mean rating of 1.94. Of 14 analyst(s) looking at the stock, 0 analyst(s) give GLW a Sell rating. 1 of those analysts rate the stock as Overweight while 7 advise Hold as 6 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at 0.52.
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Corning, Inc. (NYSE:GLW) trade information
After registering a -1.20% downside in the last session, Corning, Inc. (GLW) has traded red over the past five days. The 5-day price performance for the stock is -0.88%, and 2.14% over 30 days. With these gigs, the year-to-date price performance is 51.89%. Short interest in Corning, Inc. (NYSE:GLW) saw shorts transact 11.99 million shares and set a 2.68 days time to cover.
The extremes give us $38 and $55 for target low and target high price respectively. As such, GLW has been trading -18.92% off suggested target high and 17.84% from its likely low.
Corning, Inc. (GLW) estimates and forecasts
Looking at statistics comparing Corning, Inc. share performance against respective industry, we note that the company has underperformed competitors. Corning, Inc. (GLW) shares are 47.62% up over the last 6 months, with its year-to-date growth rate lower than industry average at 12.35% against 29.20%. Revenue is forecast to grow 15.60% this quarter before jumping 33.30% for the next one. The rating firms project that company’s revenue will grow 5.00% compared to the previous financial year.
Revenue forecast for the current quarter as set by 10 analysts is 3.72B. Meanwhile, for the current quarter, a total of 9 analyst(s) estimate revenue growth to 3.67B.Earnings reports from the last fiscal year show that sales brought in 3.5B and 3.27B respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 6.10% before jumping 12.20% in the following quarter.
An assessment of the company’s 5-year growth patterns shows that annual earnings shrunk an estimated -9.80% for the past 5-year period. While 2024 is set for a 12.44% return in earnings, projections for the next 5 years are at 14.02% annually.
GLW Dividends
Corning, Inc. has its next earnings report out on 2024-Oct-29. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Corning, Inc. has a forward dividend ratio of 1.12, with the share yield ticking at 2.42% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 2.96%.
Corning, Inc. (NYSE:GLW)’s Major holders
Corning, Inc. insiders hold 9.33% of total outstanding shares, with institutional holders owning 74.01% of the shares at 81.62% float percentage. In total, 74.01% institutions holds shares in the company, led by VANGUARD GROUP INC. As of 2024-06-30, the company held over 98.17 million shares (or 11.5224% of shares), all amounting to roughly $3.81 billion.
The next major institution holding the largest number of shares is BLACKROCK INC. with 62.16 million shares, or about 7.2954% of shares outstanding. As of the market price on 2024-06-30, these shares were worth $2.41 billion.
We also have Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund as the top two Mutual Funds with the largest holdings of the Corning, Inc. (GLW) shares. Going by data provided on Jun 30, 2024 , Vanguard Total Stock Market Index Fund holds roughly 24.39 shares. This is just over 2.85% of the total shares, with a market valuation of $1.13 billion. Data from the same date shows that the other fund manager holds a little less at 19.79, or 2.31% of the shares, all valued at about 915.16 million.
