The price of Corning, Inc. (NYSE:GLW) shares last traded on Wall Street fell -0.61% to $32.37.
GLW stock price is now 0.32% away from the 50-day moving average and 3.60% away from the 200-day moving average. The market capitalization of the company currently stands at $27.69B.
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 $6.97 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 $34.39B, which is based on a 47.89 price-to-earnings ratio, a 6.71 price-to-earnings-growth ratio, and a beta of 1.09. The fifty day moving average price for GLW is $32.27 and a two-hundred day moving average price translates $31.24 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 4.62% 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. For the current quarter, analysts expect GLW to generate $3.11B in revenue.
Corning, Inc.(GLW) Company Profile
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company’s Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. Its Optical Communications segment provides optical fibers and cables; and hardware and equipment products, such as cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories for the telecommunications industry, businesses, governments, and individuals. The company’s Specialty Materials segment manufactures products that offer material formulations for glass, glass ceramics, crystals, precision metrology instruments, and software, as well as glass wafers and substrates, tinted sunglasses, and radiation shielding products for various markets comprising mobile consumer electronics, semiconductor equipment optics and consumables, aerospace and defense optics, radiation shielding products, sunglasses, and telecommunications components. Its Environmental Technologies segment provides ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company’s Life Sciences segment offers laboratory products, including consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware, and glassware and equipment under the Corning, Pyrex, Falcon, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.
