Corning Incorporated [GLW] stock for 204,630 USD was sold by Bayne John P JR

Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Corning Incorporated shares valued at $204,630 were sold by Bayne John P JR on Aug 01. At $36.70 per share, Bayne John P JR sold 5,575 shares. The insider’s holdings dropped to 7,345 shares worth approximately $0.27 million following the completion of this transaction.

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Also, Capps Cheryl C sold 8,723 shares, netting a total of over 311,176 in proceeds. Following the sale of shares at $35.67 each, the insider now holds 98,497 shares.

Before that, Bell Michael Alan had sold 2,717 shares from its account. In a trade valued at $93,508, the Senior VP & GM, Optical Comm. traded Corning Incorporated shares for $34.42 each. Upon closing the transaction, the insider’s holdings decreased to 2,717 shares, worth approximately $0.0.

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 1.38% premium over Thursday’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 Thursday, Corning Incorporated [NYSE: GLW] plunged -0.03% to $36.49. The stock’s lowest price that day was $36.225, but it reached a high of $36.59 in the same session. During the last five days, there has been a surge of approximately 0.55%. Over the course of the year, Corning Incorporated shares have dropped approximately -1.99%. Shares of the company reached a 52-week high of $43.47 on 02/10/22 and a 52-week low of $30.63 on 07/05/22. A 50-day SMA is recorded $33.84, while a 200-day SMA reached $36.63. Nevertheless, trading volume fell to 3.16 million shares from 2.75 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 36.28, which, if violated, would cause prices to drop to 36.07. In the upper region, resistance lies at 36.65. The next price resistance is at 36.80. RSI (Relative Strength Index) is 66.10 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.04, which suggests the price will increase in the coming days. Percent R is at 10.26%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

Is Corning Incorporated subject to short interest?

Stocks of Corning Incorporated saw a sharp rise in short interest on Jul 14, 2022 jumping by 4.78 million shares to 20.4 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 15.62 million shares. A jump of 23.43% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 4.11 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.11.

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 transaction, BlackRock Fund Advisors’s stake is now worth $1,234,547,053. Wellington Management Co. LLP reduced a -10.50% interest valued at $1.05 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 $457.81 million.

In terms of Corning Incorporated share price expectations, FactSet research, analysts set an average price target of $40.53 in the next 12 months, up nearly 9.59% from the previous closing price of $36.50. Analysts anticipate Corning Incorporated stock to reach $46.00 by 2022, with the lowest price target being $36.00. In spite of this, 16 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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