Today’s Market Runner: After Touching 52-Week High, Is Corning Incorporated’s Near-Term Analysis Positive?

Today's Market Runner: After Touching 52 Week High, Is Corning Incorporated's Near Term Analysis Positive?

The stock of Corning Incorporated (NYSE:GLW) hit a new 52-week high and has $25.19 target or 4.00% above today’s $24.22 share price. The 7 months bullish chart indicates low risk for the $23.01 billion company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $25.19 price target is reached, the company will be worth $920.40 million 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 471,549 shares traded hands. Corning Incorporated (NYSE:GLW) has risen 25.23% since April 27, 2016 and is uptrending. It has outperformed by 20.01% 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 $399.02 million for 14.42 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. $27 is the highest target while $15.75 is the lowest. The $21.86 average target is -9.74% below today’s ($24.22) stock price. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by UBS on Wednesday, October 28. Drexel Hamilton maintained the shares of GLW in a report on Tuesday, January 26 with “Hold” rating. The rating was maintained by RBC Capital Markets on Friday, September 25 with “Outperform”. Citigroup initiated Corning Incorporated (NYSE:GLW) rating on Monday, June 20. Citigroup has “Buy” rating and $23 price target. The firm has “Buy” rating by Goldman Sachs given on Wednesday, November 2. The rating was reinitiated by Goldman Sachs on Friday, September 25 with “Neutral”. Deutsche Bank maintained the shares of GLW in a report on Wednesday, October 26 with “Buy” rating. Deutsche Bank initiated Corning Incorporated (NYSE:GLW) rating on Tuesday, September 15. Deutsche Bank has “Buy” rating and $21 price target. The stock of Corning Incorporated (NYSE:GLW) has “Neutral” rating given on Thursday, December 17 by JP Morgan. The rating was initiated by Sterne Agee CRT with “Neutral” on Tuesday, September 29.

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 Q2 2016. Its up 0.09, from 0.66 in 2016Q1. The ratio increased, 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.
Courier accumulated 28,127 shares or 0.12% of the stock. Seizert Prtnrs Ltd Com has 801,875 shares for 0.62% of their US portfolio. The Florida-based Lba Wealth Management Limited Company has invested 0.04% in Corning Incorporated (NYSE:GLW). Tealwood Asset Mngmt holds 0.73% of its portfolio in Corning Incorporated (NYSE:GLW) for 79,336 shares. Estabrook Management owns 484,013 shares or 0% of their US portfolio. Tortoise Mgmt Lc reported 1,800 shares or 0.01% of all its holdings. Proshare Ltd Llc last reported 0.03% of its portfolio in the stock. Buckhead Mgmt Lc holds 0.05% or 13,115 shares in its portfolio. Arizona State Retirement Sys accumulated 0.11% or 379,015 shares. Moreover, Jolley Asset Ltd has 0% invested in Corning Incorporated (NYSE:GLW) for 100 shares. Regions Fincl holds 0.01% of its portfolio in Corning Incorporated (NYSE:GLW) for 21,877 shares. Schooner Invest Gru Ltd Liability Company holds 5,000 shares or 0.25% of its portfolio. Budros Ruhlin & Roe Inc has 30,323 shares for 0.21% of their US portfolio. Swiss Bankshares holds 0.1% or 3.12 million shares in its portfolio. Richard Bernstein Advisors Ltd Com has 0.23% invested in the company for 117,401 shares.

Insider Transactions: Since June 7, 2016, the stock had 0 insider purchases, and 30 selling transactions for $27.42 million net activity. 30,000 shares were sold by Clappin James P, worth $720,000 on Monday, October 24. Tripeny R Tony sold $158,777 worth of stock. Another trade for 18,000 shares valued at $412,020 was made by Curran Martin J on Monday, August 8. On Tuesday, August 2 the insider WEEKS WENDELL P sold $1.52 million. STEVERSON LEWIS A sold $1.96M worth of Corning Incorporated (NYSE:GLW) on Friday, August 5. 17,667 shares were sold by ROGUS MARK S, worth $420,828. Schlesinger Edward A sold $147,366 worth of stock or 6,252 shares.

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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