The stock of Corning, Inc. (NYSE: GLW) has decreased by -0.88 when compared to last closing price of 32.96. Despite this, the company has experienced a 0.31% gain in its stock price over the last five trading sessions. The Motley Fool reported 2024-03-16 that Tech stocks aren’t usually dividend heroes, but some defy the trend. Diversification and strategic foresight have enabled Texas Instruments and Corning to weather market volatility.
Is It Worth Investing in Corning, Inc. (NYSE: GLW) Right Now?
The price-to-earnings ratio for Corning, Inc. (NYSE: GLW) is above average at 48.34x. The 36-month beta value for GLW is also noteworthy at 1.08. There are mixed opinions on the stock, with 3 analysts rating it as a “buy,” 3 rating it as “overweight,” 8 rating it as “hold,” and 2 rating it as “sell.”
The public float for GLW is 772.47M, and at present, short sellers hold a 1.61% of that float. The average trading volume of GLW on April 02, 2024 was 4.81M shares.
GLW’s Market Performance
GLW’s stock has seen a 0.31% increase for the week, with a 1.33% rise in the past month and a 6.66% gain in the past quarter. The volatility ratio for the week is 1.31%, and the volatility levels for the past 30 days are at 1.57% for Corning, Inc. The simple moving average for the past 20 days is -0.09% for GLW’s stock, with a 4.53% simple moving average for the past 200 days.
Analysts’ Opinion of GLW
Many brokerage firms have already submitted their reports for GLW stocks, with HSBC Securities repeating the rating for GLW by listing it as a “Reduce.” The predicted price for GLW in the upcoming period, according to HSBC Securities is $29 based on the research report published on February 01, 2024 of the current year 2024.
Deutsche Bank, on the other hand, stated in their research note that they expect to see GLW reach a price target of $30, previously predicting the price at $37. The rating they have provided for GLW stocks is “Hold” according to the report published on October 25th, 2023.
JP Morgan gave a rating of “Neutral” to GLW, setting the target price at $36 in the report published on October 10th of the previous year.
GLW Trading at 1.66% from the 50-Day Moving Average
After a stumble in the market that brought GLW to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -9.29% of loss for the given period.
Volatility was left at 1.57%, however, over the last 30 days, the volatility rate increased by 1.31%, as shares surge +0.68% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading +8.32% upper at present.
During the last 5 trading sessions, GLW rose by +0.31%, which changed the moving average for the period of 200-days by -0.97% in comparison to the 20-day moving average, which settled at $32.71. In addition, Corning, Inc. saw 7.29% in overturn over a single year, with a tendency to cut further gains.
Insider Trading
Reports are indicating that there were more than several insider trading activities at GLW starting from McRae Lawrence D, who sale 77,464 shares at the price of $33.24 back on Mar 21 ’24. After this action, McRae Lawrence D now owns 215,254 shares of Corning, Inc., valued at $2,575,035 using the latest closing price.
Bayne John P JR, the SVP &GM, Mobile Consumer Elec. of Corning, Inc., sale 4,086 shares at $32.21 during a trade that took place back on Feb 29 ’24, which means that Bayne John P JR is holding 0 shares at $131,613 based on the most recent closing price.
Stock Fundamentals for GLW
Current profitability levels for the company are sitting at:
- 0.05 for the present operating margin
- 0.31 for the gross margin
The net margin for Corning, Inc. stands at 0.06. The total capital return value is set at 0.03. Equity return is now at value 4.93, with 2.00 for asset returns.
Based on Corning, Inc. (GLW), the company’s capital structure generated 0.42 points at debt to capital in total, while cash flow to debt ratio is standing at 0.24. The debt to equity ratio resting at 0.73. The interest coverage ratio of the stock is -3.71.
Currently, EBITDA for the company is 890.0 million with net debt to EBITDA at 5.38. When we switch over and look at the enterprise to sales, we see a ratio of 2.75. The receivables turnover for the company is 8.01for trailing twelve months and the total asset turnover is 0.44. The liquidity ratio also appears to be rather interesting for investors as it stands at 1.67.
Conclusion
In summary, Corning, Inc. (GLW) has had a better performance as of late. Analysts have mixed opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It is worth mentioning that the stock is currently trading in close proximity to its 50-day moving average and its 52-week high.
