The price of Corning, Inc. (NYSE:GLW) shares last traded on Wall Street rose 2.20% to $33.02.
GLW stock price is now 3.13% away from the 50-day moving average and 5.65% away from the 200-day moving average. The market capitalization of the company currently stands at $28.24B.
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, McRae Lawrence D, Retired Vice Chairman sold 77,464 shares of the company’s stock on Mar 21 ’24. The stock was sold for $2,575,035 at an average price of $33.24. Upon completion of the transaction, the Retired Vice Chairman now directly owns 215,254 shares in the company, valued at $7.11 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 29 ’24, SVP &GM, Mobile Consumer Elec. Bayne John P JR sold 4,086 shares of the business’s stock. A total of $131,613 was realized by selling the stock at an average price of $32.21. 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 $34.95B, which is based on a 48.85 price-to-earnings ratio, a 6.85 price-to-earnings-growth ratio, and a beta of 1.08. The fifty day moving average price for GLW is $32.07 and a two-hundred day moving average price translates $31.25 for the stock.
The latest earnings results from Corning, Inc. (NYSE: GLW) was released for Dec, 2023. The net profit margin was 4.62% 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.
