Do Investors Have Much Faith In Corning, Inc. (NYSE: GLW)

Corning, Inc. (NYSE:GLW) does about 6.07M shares in volume on a normal day but saw 35421408 shares change hands in Monday trading. The company now has a market cap of 36.88B USD. Its current market price is $43.05, marking an increase of 11.99% compared to the previous close of $38.44. The 52 week high reached by this stock is $40.46 whilst the lowest price level in 52 weeks is $25.26.

Corning, Inc. (GLW) has a 20-day trading average at $38.78 and the current price is 6.41% off the 52-week high compared with 70.43% distance from its 52-week low. The 50-day simple moving average of the closing price is $36.48 and its 200-day simple moving average is $31.94. If we look at the stock’s price movements over the week, volatility stands at 2.50%, which decreases to 2.23% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 76.45 to suggest the stock is overbought.

The consensus objective for the share price is $40.17, suggesting that the stock has a potential downside of -7.17% over the period.

The company shares received a number of brokerage firm price updates over the past month, with the latest being on June 17, 2024 when Fox Advisors upgraded the stock to “Overweight” and issued a price target of $45. Morgan Stanley downgraded the stock to “Equal-Weight” from Overweight on June 13, 2024 at a price target of $35-$38. JP Morgan upgraded its price target at $37-$43.

Corning, Inc. (GLW) stock is up 10.81% over the week and 14.83% over the past month. Its price is 41.38% year-to-date and 24.24% over the past year.

To reach the target analysts have set, the stock logically needs to shrink -7.17 percent from here.

The company has a return on investment of 3.22% and return on equity of 5.30%. The price to earnings ratio (P/E ratio) amounts to 60.34 while the forward price to earnings ratio is 19.30. The beta has a value of 1.05. Price to book ratio is 3.14 and price to sales ratio is 2.98.