An interesting stock that came up in some of our conversations today is Corning Incorporated (NYSE:GLW). At current price of $20.48, the shares have already added 0.46 points (2.31% higher) from its previous close of $20.02. Should you buy or avoid them? The stock sets an active trading volume day with a reported 3484355 contracts so far this session. GLW shares had a relatively better volume day versus average trading capacity of 6.8 million shares, but with a 0.76 billion float and a -7.14% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for GLW stock indicates that the average analyst price target is $27.97 per share. This means the stock has a potential increase of 36.57% from where the GLW share price has been trading recently.
During the recent trading session for Corning Incorporated (NYSE:GLW), the company witnessed their stock drop by $-1.08 over a week and tumble down $-4.83 from the price 20 days ago. When compared to their established 52-week high of $35.34, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 04/17/19. The recent low of $17.44 stood for a -42.04% since 03/23/20, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.98 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Corning Incorporated, the two-week RSI stands at 42.28. This figure suggests that GLW stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current GLW readings is similarly very revealing as it has a stochastic reading of 25.85% at this stage. This figure means that GLW share price today is being overbought.
Technical chart claims that Corning Incorporated (GLW) would settle between $20.65/share to $21.29/share level. However, if the stock price goes below the $18.8 mark, then the market for Corning Incorporated becomes much weaker. If that happens, the stock price might even plunge as low as $17.59 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.96. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Morgan Stanley lowered their recommendation on shares of GLW from Overweight to Equal-Weight in their opinion released on January 08. Deutsche Bank analysts have lowered their rating of Corning Incorporated (NYSE:GLW) stock from Buy to Hold in a separate flash note issued to investors on October 30. Analysts at BofA/Merrill are sticking to their Buy stance. However, on September 17, they lifted price target for these shares to $36 from $40.
GLW equity has an average rating of 2.46, with the figure leaning towards a bullish end. 11 analysts who tracked the company were contacted by Reuters. Amongst them, 7 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 4 analysts rated Corning Incorporated (NYSE:GLW) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, GLW stock price is currently trading at 10.36X forward 12-month Consensus EPS estimates, and its P/E ratio is 18.7 while for the average stock in the same group, the multiple is 17.2. Corning Incorporated current P/B ratio of 1.4 means it is trading at a discount against its industry’s 1.9.
Corning Incorporated (GLW)’s current-quarter revenues are projected to climb by nearly -9.9% to hit $2.57 billion, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -1.7% from $11.66 billion to a noteworthy $11.46 billion. At the other end of the current quarter income statement, Corning Incorporated is expected to see its adjusted earnings surge by roughly -47.5% to hit $0.21 per share. For the fiscal year, GLW’s earnings are projected to climb by roughly -12.5% to hit $1.54 per share.