On Friday, Corning Incorporated [NYSE:GLW] has a current price of $34.87, coming out to a daily percentage change of 0.26% with a 52-week range of $17.44 – $35.83.
Other data for the company is as follows:
- Stochastic %K of 85.01
- Weighted Alpha of 34.2
Analysts have the price target for Corning Incorporated [GLW] at 32.39. Daily swings are between $34.71 and $35.55.
Wait and see
Holding a Market Cap of $26.81 billion, Corning Incorporated has seen a trading range over the last year of $17.44-$35.83.
For the last five days, GLW is up from its last closing price. The average shares trading hands each day is 4.74M, with average 10-day volume coming in at 4.26 million.
Using a Force Index Indicator is a good way to look at how strong actual buying and selling pressure is for GLW. When we apply the Elder Force Index to Corning Incorporated, we are seeing an Elder Force Indicator number of 60781.68.
Recent Performance
The recent performance of the stock is another area that can tell traders how to proceed. GLW is presenting an interesting case. This can be seen in the Forward P/E ratio, which currently stands at 19.28. Moreover, the company’s enterprise value has gone from $28.40B to $23.71B quarter-over-quarter. Obviously, the company is heading in the wrong direction, but there are still opportunities for growth in the sector.
In the last quarter, GLW made a profit of 756.0 million. Corning Incorporated also saw quarter revenue growth year over year of 1.89%. In addition, the company has operating cash flow of $2.7 billion.
Technical Analysis
Looking at popular technical indicators, the company’s 5-day moving average is 34.72 compared to the 50-day moving average of 32.60. So, we are clearly seeing an upward trajectory here.
The Relative Strength Index or RSI is an indicator ranging between 0 and 100 that traders use to determine if a stock is “overbought” or “oversold.” A strong uptrend tending to reach into the “overbought” status is above 70, while a downward trend will stay around the 30 mark. GLW currently holds a 9-day RSI of 71.77%, while 100-day RSI stands at 56.19%.
Another indicator we believe is worth keeping tabs on is the Moving Average Convergence Divergence or MACD. Similar to the concept of the Force Index — on the basis of price momentum — the MACD gives traders a tool to measure the turning point of a stock even during rapid fluctuations in price. Buy and sell signals are determined by a stock’s relation to the zero line, so if a stock is above a zero line for many weeks it might be a “buy.” On the other hand, if a stock is below the zero line consistently, it might be one to stay away from. Also, if the MACD line reaches a peak and dips, its momentum may be waning. GLW’s 9-day MACD is 1.10 and the company’s 100-day MACD stands at 5.36.
Inside Moves
Another area that is important to analyze is insider moves and majority shareholders. While this is not always an error-free way to tell what the future holds for a stock, you can maybe gather important information from reading the tea leaves about who is buying and selling.
The major holders for this stock are 0.32% by insiders and 75.62% by institutions.
Over the last six months, insiders have sold 54,917 with the most recent transaction from WEEKS WENDELL P, Chairman and CEO, with a sell at price 32.47 per share.
Conclusion
Overall, the recommended rating for GLW is Moderate Buy. Currently, the company has 10 analysts watching the stock, and the average quarterly earnings estimate is 0.35. Quarterly revenue estimates are averaging 2.92B with the high estimate reaching 2.97B and the low at 2.87B.
To review, the current 1-year target estimate is sitting at 32.39, while the current price 34.87. Based on this, we expect some pullback on the stock over time given our above analysis.
