Corning, Inc. (NYSE:GLW) shares, rose in value, with the stock price down by -0.06% to the previous day’s close as strong demand from buyers drove the stock to $32.51.
Actively observing the price movement in the last trading, the stock closed the session at $32.53. The value of beta (5-year monthly) was 1.07 whereas the PE ratio was 48.10 over 12-month period. Referring to stock’s 52-week performance, its high was $36.01, and the low was $25.26. On the whole, GLW has fluctuated by 2.39% over the past month.
With the market capitalization of Corning, Inc. currently standing at about $27.75 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 23, 2024 – Apr 29, 2024. The company’s Forward Dividend Ratio is 1.12, with its dividend yield at 3.45%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.35, which is expected to increase to $0.46 for fiscal year $1.87 and then to about $2.16 by fiscal year 2025. Data indicates that the EPS growth is expected to be 10.00% in 2025, while the next year’s EPS growth is forecast to be 15.50%.
Analysts have estimated the company’s revenue for the quarter at $3.11 billion, with a low estimate of $3.08 billion and a high estimate of $3.13 billion. According to the average forecast, sales growth in current quarter could jump down -7.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $13.54 billion, representing a decrease of -0.30% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that GLW’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 50% Buy.
The stock’s technical analysis shows that the PEG ratio is about 6.74, with the price of GLW currently trading nearly -0.07% and 2.54% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 52.66, while the 7-day volatility ratio is showing 1.21% which for the 30-day chart, stands at 1.56%. Furthermore, Corning, Inc. (GLW)’s beta value is 1.08, and its average true range (ATR) is 0.54.
A comparison of Corning, Inc. (GLW) with its peers suggests the former has fared considerably weaker in the market. GLW showed an intraday change of -0.06% in last session, and over the past year, it shrunk by -0.91%%.
Data on historical trading for Corning, Inc. (NYSE:GLW) indicates that the trading volumes over the past 10 days have averaged 4.52 million and over the past 3 months, they’ve averaged 4.70 million. According to company’s latest data on outstanding shares, there are 820.00 million shares outstanding.
Nearly 9.69% of Corning, Inc.’s shares belong to company insiders and institutional investors own 70.86% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 10.32 million shares as on Feb 29, 2024, resulting in a short ratio of 2.09. According to the data, the short interest in Corning, Inc. (GLW) stood at 1.21% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 8.72 million. The stock has risen by 6.77% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the GLW stock heading into the next quarter.
