Is Corning Incorporated (GLW) positioned for future growth?

Corning Incorporated (NYSE: GLW) stock jumped 2.47% on Wednesday to $31.53 against a previous-day closing price of $30.77. With 10.35 million shares changed hands, the volume of the stock remained heavier than its average volume of 4.26 million shares. During the session, the Electronic Components company that operates in wider Technology sector, reached to the highest price of $32.88 whereas the lowest price it dropped to was $31.32. The 52-week range on GLW shows that it touched its highest point at $37.73 and its lowest point at $28.98 during that stretch. It currently has a 1-year price target of $37.09. With its current market cap of 26.78 billion, GLW has annualized dividend of $1.12 while the current yield stands at 3.55%. Beta for the stock currently stands at 1.07.

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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 up-trending over the past week, with a rise of 2.30%, but this was down by -4.13% over a month. Three-month performance dropped to -9.14% while six-month performance fell -6.33%. The stock lost -6.61% in the past year, while it has lost -1.28% so far this year. A look at the trailing 12-month EPS for GLW yields 1.06 with Next year EPS estimates of 2.41. For the next quarter, that number is 0.46. This implies an EPS growth rate of 20.10% for this year and 21.07% for next year. EPS is expected to grow by 8.21% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 10.00%.

Float and Shares Shorts:

At present, 844.00 million GLW shares are outstanding with a float of 763.28 million shares on hand for trading. On Apr 27, 2023, short shares totaled 6.96 million, which was 0.82% higher than short shares on Mar 30, 2023. 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 71.84% of GLW’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 39.45% of GLW, in contrast to 31.12% held by mutual funds. Shares owned by individuals account for 1.25%. As the largest shareholder in GLW with 11.10% of the stake, The Vanguard Group, Inc. holds 93,986,138 shares worth 93,986,138. A second-largest stockholder of GLW, BlackRock Fund Advisors, holds 38,621,119 shares, controlling over 4.56% of the firm’s shares. Wellington Management Co. LLP is the third largest shareholder in GLW, holding 33,558,165 shares or 3.96% stake. With a 2.80% stake in GLW, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 23,682,519 shares are owned by the mutual fund manager. The Vanguard 500 Index Fund, which owns about 2.11% of GLW stock, is the second-largest Mutual Fund holder. It holds 17,867,461 shares valued at 593.56 million. Vanguard Mid Cap Index Fund holds 2.10% of the stake in GLW, owning 17,780,251 shares worth 590.66 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, GLW reported revenue of $3.62B and operating income of $490.00M. The EBITDA in the recently reported quarter was $1.00B and diluted EPS was $0.66.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for GLW since 0 analysts follow the stock currently. 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 $42.00 and a low target of $30.00, the average target price over the next 12 months is $37.50. Based on these targets, GLW could surge 33.21% to reach the target high and fall by -4.85% to reach the target low. Reaching the average price target will result in a growth of 18.93% 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.

Summary of Insider Activity:

Insiders traded GLW stock several times over the past three months with 57 Buys and 25 Sells. In these transactions, 1,557,062 shares were bought while 831,137 shares were sold. The number of buy transactions has increased to 121 while that of sell transactions has risen to 62 over the past year. The total number of shares bought during that period was 1,792,057 while 1,050,422 shares were sold.

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