Growth Story Still Intact For Corning Incorporated (GLW)

The Vanguard Group, Inc. has recently announced that it has increased stake in Corning Incorporated (NYSE:GLW) by 1.09%. After grabbing 95.01 million shares, the institutional investor is now in possession of 1.02 million shares of the Technology Company. The new investment brought the stake of investor firm to 11.14% having worth around $3.22 billion. Moreover, BlackRock Fund Advisors increased its share by 3.15 million to have a control over 41.77 million shares. And Geode Capital Management LLC raised its holdings to 0.45 million shares by acquiring 16.28 million shares or 1.91% of the stake.

Corning Incorporated (GLW) concluded trading on 09/14/23 at a closing price of $31.48, with 2.76 million shares of worth about $86.99 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -4.05% during that period and on Thursday the price saw a gain of about 0.70%. Currently the company’s common shares owned by public are about 848.00M shares, out of which, 770.17M shares are available for trading.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 241 times over the past 12 months. They bought 2,012,031 shares in 158 of the transactions. In 83 selling transactions, insiders dumped 1,344,712 shares.

Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund are the top 3 mutual funds which are holding stakes in Corning Incorporated Vanguard Total Stock Market ETF is currently holding 23.76 million shares of worth totaling $806.37 million. The company recently came selling 26208.0 shares which brought its stake up to 2.79% of the company’s outstanding shares. Vanguard 500 Index Fund bought 0.1 million shares, after which its hold over company’s outstanding shares expand to 2.15%, leaving 18.32 million shares with the mutual fund that have a worth of about $621.78 million. Vanguard Mid Cap Index Fund, after selling 17.71 million shares, have now control over 2.08% of the stake in the company. It holds 28224.0 shares of worth $600.96 million.

Corning Incorporated (NYSE: GLW) started trading at $31.45, above $0.19 from concluding price of the previous day. Stock saw a price change of -0.13% in past 5 days and over the past one month there was a price change of -1.29%. Year-to-date (YTD), GLW shares are showing a performance of -1.44% which decreased to -4.37% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $28.98 but also hit the highest price of $37.10 during that period. The average intraday trading volume for Corning Incorporated shares is 4.16 million. The stock is currently trading -1.79% below its 20-day simple moving average (SMA20), while that difference is down -4.79% for SMA50 and it goes to -6.09% lower than SMA200.

The Vanguard Group, Inc. acquired 95.01 million shares of Corning Incorporated having value of about $3.22 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 1.02 million shares in the company valued at close to $32191636.88, or have control over 1.09% stake in the company. Corning Incorporated (NYSE: GLW) currently have 848.00M outstanding shares and institutions hold larger chunk of about 70.00% of that. Holding of mutual funds in the company is about 31.60% while other institutional holders and individual stake holders have control over 38.22% and 1.22% of the stake respectively.

The stock has a current market capitalization of $26.98B and its 3Y-monthly beta is at 1.06. PE ratio of stock for trailing 12 months is 42.95, while it has posted earnings per share of $0.73 in the same period. Its PEG reads 5.17 and has Quick Ratio of 1.00 while making debt-to-equity ratio of 0.67. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for GLW, volatility over the week remained 1.36% while standing at 1.35% over the month.

Analysts are in expectations that Corning Incorporated (GLW) stock would likely to be making an EPS of $0.47 in the current quarter, while forecast for next quarter EPS is $0.52 and it is $2.31 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.45 which is $0.54 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.51 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 20.10% while it is estimated to increase by 25.18% in next year. EPS is likely to shrink at an annualized rate of 8.30% for next 5-years, compared to annual growth of 10.00% made by the stock over the past 5-years.

Analysts at 16 brokerage firms have issued recommendations for the Corning Incorporated (GLW)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 16 Wall Street analysts, 9 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by UBS on July 14, 2023 offering a Neutral rating for the stock and assigned a target price range of between $38 and $39 to it.