Notable Price Action: A Reversal for Corning Incorporated Is Not Near. The Stock Reaches 52-Week High Today

Notable Price Action: A Reversal for Corning Incorporated Is Not Near. The Stock Reaches 52 Week High Today

The stock of Corning Incorporated (NYSE:GLW) hit a new 52-week high and has $32.84 target or 38.00% above today’s $23.80 share price. The 9 months bullish chart indicates low risk for the $24.75 billion company. The 1-year high was reported on Oct, 7 by If the $32.84 price target is reached, the company will be worth $9.41B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.53 million shares traded hands. Corning Incorporated (NYSE:GLW) has risen 25.90% since March 4, 2016 and is uptrending. It has outperformed by 17.86% the S&P500.

Analysts await Corning Incorporated (NYSE:GLW) to report earnings on October, 25. They expect $0.38 earnings per share, up 11.76% or $0.04 from last year’s $0.34 per share. GLW’s profit will be $395.17 million for 15.66 P/E if the $0.38 EPS becomes a reality. After $0.37 actual earnings per share reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 2.70% EPS growth.

Corning Incorporated (NYSE:GLW) Ratings Coverage

Out of 10 analysts covering Corning Incorporated (NYSE:GLW), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. Corning Incorporated has been the topic of 17 analyst reports since July 30, 2015 according to StockzIntelligence Inc. Goldman Sachs upgraded Corning Incorporated (NYSE:GLW) on Tuesday, April 12 to “Buy” rating. The rating was initiated by Citigroup on Monday, June 20 with “Buy”. The rating was maintained by Citigroup with “Buy” on Friday, August 26. RBC Capital Markets maintained it with “Outperform” rating and $21 target price in Friday, September 25 report. Drexel Hamilton maintained the stock with “Hold” rating in Tuesday, January 26 report. Goldman Sachs reinitiated the shares of GLW in a report on Friday, September 25 with “Neutral” rating. The stock of Corning Incorporated (NYSE:GLW) earned “Neutral” rating by JP Morgan on Thursday, December 17. The firm has “Overweight” rating given on Tuesday, September 29 by Barclays Capital. The stock has “Neutral” rating given by UBS on Wednesday, October 28. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, October 28.

According to Zacks Investment Research, “Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world’s economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. (Company Press Release)”

Insitutional Activity: The institutional sentiment increased to 0.66 in Q2 2016. Its up 0.03, from 0.63 in 2016Q1. The ratio improved, as 52 funds sold all Corning Incorporated shares owned while 339 reduced positions. 49 funds bought stakes while 208 increased positions. They now own 745.73 million shares or 5.03% less from 785.22 million shares in 2016Q1.
Spot Trading Ltd last reported 0.04% of its portfolio in the stock. Boyer & Corporon Wealth Mgmt Ltd Limited Liability Company last reported 175,785 shares in the company. Douglass Winthrop Advsrs Ltd Liability Company last reported 51,900 shares in the company. Moreover, Lsv Asset Mgmt has 0.63% invested in Corning Incorporated (NYSE:GLW) for 15.06M shares. Ibm Retirement Fund has 141,697 shares for 0.11% of their US portfolio. The Iowa-based Iowa Bank & Trust has invested 0% in Corning Incorporated (NYSE:GLW). Motley Fool Wealth Management Ltd has 63,698 shares for 0.14% of their US portfolio. Moreover, First Eagle Invest Ltd has 0.09% invested in Corning Incorporated (NYSE:GLW) for 1.80 million shares. Beck Mack & Oliver Ltd Liability Corp has invested 0.02% of its portfolio in Corning Incorporated (NYSE:GLW). Profund Advsrs Ltd Co accumulated 19,656 shares or 0.02% of the stock. Shinko Asset Ltd accumulated 0% or 2,848 shares. Winton Cap Grp Ltd, a United Kingdom-based fund reported 2.39M shares. Legal General Grp Incorporated Pcl holds 0.11% or 5.12M shares in its portfolio. State Of Tennessee Treasury Department holds 0.03% of its portfolio in Corning Incorporated (NYSE:GLW) for 242,212 shares. Chevy Chase Tru holds 0.13% of its portfolio in Corning Incorporated (NYSE:GLW) for 1.11 million shares.

Insider Transactions: Since May 23, 2016, the stock had 0 insider purchases, and 19 insider sales for $13.42 million net activity. Shares for $412,020 were sold by Curran Martin J on Monday, August 8. Shares for $1.28M were sold by McRae Lawrence D on Thursday, July 28. Tripeny R Tony also sold $158,777 worth of Corning Incorporated (NYSE:GLW) on Tuesday, June 7. 56,853 shares with value of $1.27M were sold by Musser Eric S on Monday, August 1. On Wednesday, June 8 GREGG KIRK P sold $502,414 worth of the stock or 24,000 shares. On Thursday, July 28 the insider Clappin James P sold $330,000. 48,000 shares were sold by Ferrero Lisa, worth $1.10M on Wednesday, August 10.

Another recent and important Corning Incorporated (NYSE:GLW) news was published by which published an article titled: “Corning Incorporated: GLW Stock Setting Up for 297.5% Run?” on September 27, 2016.

GLW Company Profile

Corning Incorporated (Corning), incorporated on December 24, 1936, is engaged in the manufacture of specialty glass and ceramics. Corning operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. The Firm makes and processes products at approximately 90 plants in over 20 countries. Corning offers its products under the trademarks, including Corning, Celcor, ClearCurve, DuraTrap, Eagle XG, Epic, Gorilla, HPFS, Pyrex, Steuben, Falcon, SMF-28e and Willow.

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