A look into Corning Incorporated (GLW)’s deeper side

Corning Incorporated (NYSE: GLW) stock fell -2.02% on Friday to $31.06 against a previous-day closing price of $31.70. With 3.81 million shares changed hands, the volume of the stock remained lighter than its average volume of 4.58 million shares. During the session, the Electronic Components company that operates in wider Technology sector, reached to the highest price of $32.06 whereas the lowest price it dropped to was $31.06. The 52-week range on GLW shows that it touched its highest point at $43.47 and its lowest point at $30.63 during that stretch. It currently has a 1-year price target of $39.45. With its current market cap of 26.71 billion, GLW has annualized dividend of $1.08 while the current yield stands at 3.48%. Beta for the stock currently stands at 1.00.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of GLW was down-trending over the past week, with a drop of -5.65%, but this was down by -11.61% over a month. Three-month performance dropped to -1.55% while six-month performance fell -18.99%. The stock lost -16.75% in the past year, while it has lost -16.57% so far this year. A look at the trailing 12-month EPS for GLW yields 2.33 with Next year EPS estimates of 2.46. For the next quarter, that number is 0.52. This implies an EPS growth rate of 138.40% for this year and 11.64% for next year. EPS is expected to grow by 11.42% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -16.90%.

Float and Shares Shorts:

At present, 843.00 million GLW shares are outstanding with a float of 762.79 million shares on hand for trading. On Jul 14, 2022, short shares totaled 20.4 million, which was 2.42% higher than short shares on Jun 14, 2022. In addition to Mr. Wendell P. Weeks as the firm’s Chairman & CEO, Mr. Eric S. Musser serves as its Pres & COO.

Institutional Ownership:

Through their ownership of 72.20% of GLW’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 39.74% of GLW, in contrast to 30.91% held by mutual funds. Shares owned by individuals account for 1.16%. As the largest shareholder in GLW with 10.86% of the stake, The Vanguard Group, Inc. holds 91,793,562 shares worth 91,793,562. A second-largest stockholder of GLW, BlackRock Fund Advisors, holds 38,285,194 shares, controlling over 4.53% of the firm’s shares. Wellington Management Co. LLP is the third largest shareholder in GLW, holding 33,423,553 shares or 3.95% stake. With a 2.67% stake in GLW, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 22,528,415 shares are owned by the mutual fund manager. The Vanguard Mid Cap Index Fund, which owns about 2.06% of GLW stock, is the second-largest Mutual Fund holder. It holds 17,444,467 shares valued at 598.69 million. Vanguard 500 Index Fund holds 2.01% of the stake in GLW, owning 16,967,515 shares worth 582.33 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GLW since 17 analysts follow the stock currently. There are 10 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 6 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With GLW analysts setting a high price target of $44.00 and a low target of $36.00, the average target price over the next 12 months is $39.56. Based on these targets, GLW could surge 41.66% to reach the target high and rise by 15.9% to reach the target low. Reaching the average price target will result in a growth of 27.37% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. GLW will report FY 2022 earnings on 01/24/2023. Analysts have provided yearly estimates in a range of $2.29 being high and $2.07 being low. For GLW, this leads to a yearly average estimate of $2.20. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Corning Incorporated surprised analysts by $0.01 when it reported $0.57 EPS against a consensus estimate of $0.56. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is $0.54 and the low estimate is $0.49. The average estimate for the next quarter is thus $0.52.

Summary of Insider Activity:

Insiders traded GLW stock several times over the past three months with 2 Buys and 5 Sells. In these transactions, 29,334 shares were bought while 68,593 shares were sold. The number of buy transactions has increased to 112 while that of sell transactions has risen to 82 over the past year. The total number of shares bought during that period was 819,467 while 725,407 shares were sold.

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