In yesterday’s Wall Street session, Corning, Inc. (NYSE:GLW) shares traded at $33.38, up 5.03% from the previous session.
GLW stock price is now 3.49% away from the 50-day moving average and 7.84% away from the 200-day moving average. The market capitalization of the company currently stands at $28.55B.
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With the price target enhanced from $34 to $35, UBS maintained Neutral rating for Corning, Inc. (NYSE: GLW). On February 01, 2024, HSBC Securities Downgraded its previous ‘Hold’ rating to ‘Reduce’ on the stock keeping its target price maintained at $29, while ‘Deutsche Bank’ rates the stock as ‘Hold’
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 $7.19 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 9.71% 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 Electronic Components Company, earnings per share came in at 0.41, beating analysts’ expectations of 0.39 by 0.02. 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 $3.12B in revenue.
