The stock of Corning Incorporated (NYSE:GLW) hit a new 52-week high and has $25.00 target or 3.00% above today’s $24.27 share price. The 7 months bullish chart indicates low risk for the $23.27B company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $25.00 price target is reached, the company will be worth $698.10M 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 1.83M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 15.25% since April 22, 2016 and is uptrending. It has outperformed by 9.84% the S&P500.
Analysts await Corning Incorporated (NYSE:GLW) to report earnings on January, 24. They expect $0.42 EPS, up 23.53% or $0.08 from last year’s $0.34 per share. GLW’s profit will be $402.69 million for 14.45 P/E if the $0.42 EPS becomes a reality. After $0.42 actual EPS reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 0.00% 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 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. Deutsche Bank maintained the shares of GLW in a report on Wednesday, October 26 with “Buy” rating. Goldman Sachs upgraded the stock to “Buy” rating in Tuesday, April 12 report. On Wednesday, October 28 the stock rating was maintained by RBC Capital Markets with “Outperform”. On Tuesday, January 26 the stock rating was maintained by Drexel Hamilton with “Hold”. The stock of Corning Incorporated (NYSE:GLW) earned “Neutral” rating by JP Morgan on Thursday, December 17. Drexel Hamilton initiated the shares of GLW in a report on Friday, October 9 with “Hold” rating. The stock has “Neutral” rating given by Sterne Agee CRT on Tuesday, September 29. As per Wednesday, October 28, the company rating was maintained by UBS. The stock of Corning Incorporated (NYSE:GLW) has “Outperform” rating given on Friday, September 25 by RBC Capital Markets. The firm earned “Buy” rating on Friday, August 26 by Citigroup.
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 0.75 in 2016 Q2. Its up 0.09, from 0.66 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.
Rathbone Brothers Public Ltd accumulated 125,610 shares or 0.14% of the stock. The Iowa-based Principal Fincl Gru has invested 0.04% in Corning Incorporated (NYSE:GLW). Hightower Advisors Ltd Llc holds 0.07% or 271,988 shares in its portfolio. Benedict Advsrs last reported 0.17% of its portfolio in the stock. Lvm Limited Mi reported 66,547 shares or 0.39% of all its holdings. Profund Advsrs Ltd Co owns 19,656 shares or 0.02% of their US portfolio. Raymond James Na has invested 0.08% of its portfolio in Corning Incorporated (NYSE:GLW). Oakbrook Invests Limited Liability Company accumulated 146,200 shares or 0.17% of the stock. Hartford Mgmt accumulated 60,268 shares or 0.73% of the stock. Alliancebernstein L P last reported 0.04% of its portfolio in the stock. Cognios Capital Ltd Llc accumulated 0.07% or 11,097 shares. Montag A Assoc last reported 122,465 shares in the company. First Niagara National Bank & Trust holds 42,048 shares or 0.25% of its portfolio. The New York-based Schafer Cullen Cap Mgmt has invested 1.22% in Corning Incorporated (NYSE:GLW). Ontario Teachers Pension Plan Board holds 258,963 shares or 0.06% of its portfolio.
Insider Transactions: Since May 26, 2016, the stock had 0 insider buys, and 30 sales for $27.42 million net activity. Clappin James P had sold 77,102 shares worth $1.79M. Shares for $1.27 million were sold by Musser Eric S on Monday, August 1. Another trade for 24,000 shares valued at $502,414 was made by GREGG KIRK P on Wednesday, June 8. Tripeny R Tony sold $167,000 worth of Corning Incorporated (NYSE:GLW) on Friday, July 29. $230,829 worth of Corning Incorporated (NYSE:GLW) shares were sold by ROGUS MARK S. On Tuesday, August 2 WEEKS WENDELL P sold $1.52M worth of the stock or 68,250 shares. Morse David L had sold 17,483 shares worth $410,851 on Thursday, November 10.
More news for Corning Incorporated (NYSE:GLW) were recently published by: Profitconfidential.com, which released: “Corning Incorporated: The Price Point that Will Launch GLW Stock” on October 27, 2016. Stargazette.com‘s article titled: “Corning Inc. veterans honored at company ceremony” and published on November 15, 2016 is yet another important article.
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.
Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.