Vice Chairman & Corp. Dev. Off Mcrae Lawrence D sold 20,000 shares in Corning Incorporated (NYSE:GLW) for $137,100 in transaction occurred on 2018/12/19. After making this transaction, the Vice Chairman & Corp. Dev. Off owns a direct stake of 613,600 shares, worth $4,041,708, as per the last closing price. On 2018/11/30 Morse David L, Executive Vice President at GLW, dumped 30,151 shares at an average price of $32.16 per share. The selling total is valued at $1,074,634.
Separately, it had been reported that some other GLW insiders also took part of the insider trading activity. Senior Vice President, Steverson Lewis A had divested 12,577 shares through a trade on 2018/11/26. Following this activity, the insider holds 395,798 shares. Wall Street’s most bullish Corning Incorporated (NYSE:GLW) analysts are predicting the share price to blow past $39 per share during the next 12 months. The current median share price forecast by them is $35, suggesting that the stock could increase 18.72% in that time frame. The average price target of $35.68 calls for a nearly 21.03% increase in the stock price.
Corning Incorporated (GLW) trading activity significantly weakened as the volume at ready counter decreased to 4,621,006 shares versus 6,024,410 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 6,179,500 shares. The share price rose 0.96% in recent trade and currently has a stock-market value of $24.14B. The shares finished at $29.48, after trading as low as $29.12 earlier in the session. It hit an intraday high Tuesday at $29.64. The stock is now 12.91% above against its bear-market low of $26.11 on May 03, 2018. It has retreated -24.02% since it’s 52-week high of $36.56 reached in September. Now the market price is down -12.37% on the year and down -2.42% YTD.
GLW’s 50 day simple moving average (SMA 50) price is $31.27 and its 200-day simple moving average (SMA 200) price is $30.55. The company’s stock currently has a total float of 798.19M shares. Its weekly volatility is hovering around 2.92% and felt 3.25% volatility in price over a month. On the upside, the share price will test short term resistance at around $29.71. On a downside, the stock is likely to find some support, which begins at $29.19. The failure to get near-term support could push it to $28.89.
It had seen a positive analyst call from Citigroup, which upgraded the stock from Neutral to Buy on September 14. Analysts at Goldman, shed their negative views on June 21 by lifting it fromSell to Neutral. The stock won favor of Morgan Stanley analysts who expressed their confidence in it using an upgrade from Equal-Weight to Overweight on May 31. JP Morgan, released new analyst coverage on May 03, calling the stock is Neutral.
Moreover, it trades for 14.15 times the next 12 months of expected earnings. Also, it is trading at rather expensive levels at just over 2.05x price/book and 2.22x price/sales. Compared to others, Corning Incorporated is in a different league with regards to profitability, having net margins of -6.7%. To put some perspective around this, the industry’s average net margin is 4.72%. GLW’s ROE is -6%, which is also considerably worse than the industry’s ROE of 5.26%. It’s also very liquid in the near term, with a current ratio of 2.1. The stock has a debt/capital of 0.46.
Shares of Corning Incorporated (GLW) have dropped -5.3% since the company’s Mar-19 earnings report. Over the past 12 fiscal quarters, Corning Incorporated (NYSE:GLW) has topped consensus earnings estimates in 11 quarters (91%), missed earnings in 0 quarters (0%), whereas at 1 occasion EPS met analyst expectations. GLW last reported earnings on October 23, 2018 when it released Sep-18 results that exceeded expectations. The company raked in $0.51 per share, -91.39% change on the same period last year. That was better than consensus for $0.48. Revenue for the recent quarter stood at $3.05 billion, up 13% on last year and above the $2.99 billion predicted by analysts. For this quarter, Wall Street analysts forecast revenue in a range of $2.71 billion to $2.88 billion, which should be compared with $2.65 billion generated last year. EPS is seen in a range of $0.45 to $0.5, against the $0.5 reported a year ago.