Saturday, June 25, 2022

Corning Incorporated [GLW] SVP & Chief Supply Chain Off. makes an insider purchase of 8,723 shares worth 0.31 million.

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Corning Incorporated shares valued at $311,176 were sold by Capps Cheryl C on Jun 02. At $35.67 per share, Capps Cheryl C sold 8,723 shares. The insider’s holdings dropped to 98,497 shares worth approximately $3.11 million following the completion of this transaction.

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Also, Bell Michael Alan sold 2,717 shares, netting a total of over 93,508 in proceeds. Following the sale of shares at $34.42 each, the insider now holds 0 shares.

Before that, France Robert P. had sold 2,751 shares from its account. In a trade valued at $94,650, the Senior VP, Human Resources traded Corning Incorporated shares for $34.41 each. Upon closing the transaction, the insider’s holdings decreased to 2,751 shares, worth approximately $0.95 million.

As published in a research note from Citigroup on May 23, 2022, Corning Incorporated [GLW] has been rated down from a Buy to a Neutral and the price target has been revised to $37 from $46. This represents a 14.73% premium over Wednesday’s closing price. Analysts at Barclays downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in mid May. As of January 28, 2022, Susquehanna has increased its “Neutral” rating to a “Positive” for GLW. Earlier on January 27, 2022, Goldman upgraded its rating. Their new recommendation was “a Buy” for GLW stock which previously was a “a Neutral”.

Analyzing GLW’s Price Performance

On Wednesday, Corning Incorporated [NYSE: GLW] plunged -1.77% to $31.55. The stock’s lowest price that day was $31.54, but it reached a high of $32.18 in the same session. During the last five days, there has been a drop of approximately -1.71%. Over the course of the year, Corning Incorporated shares have dropped approximately -15.26%. Shares of the company reached a 52-week high of $43.47 on 02/10/22 and a 52-week low of $30.95 on 06/16/22. A 50-day SMA is recorded $34.61, while a 200-day SMA reached $37.23. Nevertheless, trading volume fell to 3.72 million shares from 4.13 million shares the previous day.

Support And Resistance Levels for Corning Incorporated (GLW)

According to the 24-hour chart, there is a support level at 31.33, which, if violated, would cause prices to drop to 31.12. In the upper region, resistance lies at 31.97. The next price resistance is at 32.40. RSI (Relative Strength Index) is 36.37 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.80, which suggests the price will decrease in the coming days. Percent R is at 89.33%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Corning Incorporated (GLW)?

According to The Vanguard Group, Inc. filings, the company currently owns 89,636,580 shares, which is about 10.61% of the total GLW shares outstanding. The investor’s shares have appreciated by 668,325 from its previous 13-F filing of 88968255.0 shares. With the completion of the sale, BlackRock Fund Advisors’s stake is now worth $1,403,410,836. Wellington Management Co. LLP reduced a -10.50% interest valued at $1.19 billion while SSgA Funds Management, Inc. sold a -1,401,857 stake. A total of -2,099,971 shares of Corning Incorporated were sold by T. Rowe Price Associates, Inc. during the quarter, and 229,154 were bought by Geode Capital Management LLC. In its current portfolio, State Farm Investment Management holds 14,528,900 shares valued at $520.43 million.

In terms of Corning Incorporated share price expectations, FactSet research, analysts set an average price target of $43.33 in the next 12 months, up nearly 33.87% from the previous closing price of $32.12. Analysts anticipate Corning Incorporated stock to reach $51.00 by 2022, with the lowest price target being $37.00. In spite of this, 15 analysts ranked Corning Incorporated stock as an Overweight at the end of 2022. On January 27, 2022, JP Morgan assigned a price target of “an Overweight” to the stock and reiterated coverage with a $50.

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