Stocks of Corning, Inc. (NYSE:GLW) traded higher last session on Wall Street, up 0.37% to $32.67.
GLW stock price is now 2.63% away from the 50-day moving average and 4.63% away from the 200-day moving average. The market capitalization of the company currently stands at $27.88B.
With the price target maintained at $29, HSBC Securities recently Downgraded its rating from Hold to Reduce for Corning, Inc. (NYSE: GLW). On October 25, 2023, Deutsche Bank Downgraded its previous ‘Buy’ rating to ‘Hold’ on the stock reducing its target price from $37 to quote $30, while ‘JP Morgan’ rates the stock as ‘Neutral’
In other news, Bayne John P JR, SVP &GM, Mobile Consumer Elec. sold 4,086 shares of the company’s stock on Feb 29 ’24. The stock was sold for $131,613 at an average price of $32.21. Upon completion of the transaction, the SVP &GM, Mobile Consumer Elec. now directly owns 0 shares in the company, valued at $0.0. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 21 ’24, SVP, Corning Intl & NBD, Solar Fang Li sold 8,480 shares of the business’s stock. A total of $274,209 was realized by selling the stock at an average price of $32.34. A total of 9.69% of the company’s stock is owned by insiders.
During the past 12 months, Corning, Inc. has had a low of $25.26 and a high of $36.01. As of last week, the company has a debt-to-equity ratio of 0.73, a current ratio of 1.67, and a quick ratio of 1.05. According to the stock market information, the enterprise value for the company is $34.59B, which is based on a 48.34 price-to-earnings ratio, a 6.77 price-to-earnings-growth ratio, and a beta of 1.08. The fifty day moving average price for GLW is $31.86 and a two-hundred day moving average price translates $31.23 for the stock.
The latest earnings results from Corning, Inc. (NYSE: GLW) was released for Dec, 2023. According to the Electronic Components Company, earnings per share came in at $0.39, inline with analysts’ expectations of $0.39. This compares to -$0.03 EPS in the same period last year. The net profit margin was 4.72% and return on equity was 4.93% for GLW. The company reported revenue of $2.99 billion for the quarter, compared to $3.41 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -12.1 percent. For the current quarter, analysts expect GLW to generate $3.11B in revenue.
