In yesterday’s Wall Street session, Corning, Inc. (NYSE:GLW) shares traded at $37.25, down -2.18% from the previous session.
GLW stock price is now 8.85% away from the 50-day moving average and 18.69% away from the 200-day moving average. The market capitalization of the company currently stands at $31.91B.
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With the price target enhanced from $35 to $38, Morgan Stanley Downgraded its rating from Overweight to Equal-Weight for Corning, Inc. (NYSE: GLW). On May 30, 2024, JP Morgan Upgraded its previous ‘Neutral’ rating to ‘Overweight’ on the stock increasing its target price from $37 to quote $43, while ‘Mizuho’ rates the stock as ‘Neutral’
In other news, Evenson Jeffrey W, Exec. VP & Chief Strategy Off sold 12,830 shares of the company’s stock on Jun 05 ’24. The stock was sold for $479,664 at an average price of $37.39. Upon completion of the transaction, the Exec. VP & Chief Strategy Off now directly owns 57,280 shares in the company, valued at $2.13 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 14 ’24, Senior VP & GM, Optical Comm. Bell Michael Alan sold 20,152 shares of the business’s stock. A total of $705,320 was realized by selling the stock at an average price of $35.00. A total of 9.67% 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 $38.31. As of last week, the company has a debt-to-equity ratio of 0.74, a current ratio of 1.67, and a quick ratio of 1.02. According to the stock market information, the enterprise value for the company is $39168065536, which is based on a 52.21 price-to-earnings ratio, a 4.51 price-to-earnings-growth ratio, and a beta of 1.05. The fifty day moving average price for GLW is $34.3198 and a two-hundred day moving average price translates $31.4052 for the stock.
The latest earnings results from Corning, Inc. (NYSE: GLW) was released for 2024-03-31. The net profit margin was 4.96% and return on equity was 5.30% for GLW. The company reported revenue of $2.98 billion for the quarter, compared to $3.18 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -6.39 percent.
