Taking a look at what insiders are doing to gauge the Corning Incorporated (GLW)’s direction

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Corning Incorporated shares valued at $1,531,437 were sold by STEVERSON LEWIS A on Aug 15. At $37.29 per share, STEVERSON LEWIS A sold 41,066 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.

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Also, Bayne John P JR sold 5,575 shares, netting a total of over 204,630 in proceeds. Following the sale of shares at $36.70 each, the insider now holds 7,345 shares.

Before that, Capps Cheryl C had sold 8,723 shares from its account. In a trade valued at $311,176, the SVP & Chief Supply Chain Off. traded Corning Incorporated shares for $35.67 each. Upon closing the transaction, the insider’s holdings decreased to 8,723 shares, worth approximately $3.03 million.

As published in their initiating research note from Credit Suisse on August 17, 2022, Corning Incorporated [GLW] has been a Neutral and the price target has been revised to $36. This represents a 14.67% premium over Thursday’s closing price. Analysts at Citigroup downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late May. As of May 11, 2022, Barclays has decreased its “an Overweight” rating to a “an Equal weight” for GLW. Earlier on January 28, 2022, Susquehanna upgraded its rating. Their new recommendation was “a Positive” for GLW stock which previously was a “a Neutral”.

Analyzing GLW’s Price Performance

On Thursday, Corning Incorporated [NYSE: GLW] plunged -1.09% to $30.72. The stock’s lowest price that day was $30.61, but it reached a high of $31.28 in the same session. During the last five days, there has been a drop of approximately -5.80%. Over the course of the year, Corning Incorporated shares have dropped approximately -17.49%. Shares of the company reached a 52-week high of $43.47 on 02/10/22 and a 52-week low of $30.61 on 09/22/22. A 50-day SMA is recorded $34.63, while a 200-day SMA reached $36.07. Nevertheless, trading volume fell to 4.23 million shares from 3.84 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 30.46, which, if violated, would cause prices to drop to 30.20. In the upper region, resistance lies at 31.13. The next price resistance is at 31.54. RSI (Relative Strength Index) is 29.12 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.44, which suggests the price will decrease in the coming days. Percent R is at 97.17%, indicating bearish price movement. Stochastics %K at buying 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 91,793,562 shares, which is about 10.86% of the total GLW shares outstanding. The investor’s shares have appreciated by 2,156,982 from its previous 13-F filing of 89636580.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $1,313,947,858. Wellington Management Co. LLP acquire a 0.19% interest valued at $1.15 billion while SSgA Funds Management, Inc. sold a -511,357 stake. A total of 5,451,525 shares of Corning Incorporated were sold by T. Rowe Price Associates, Inc. during the quarter, and 483,241 were bought by Geode Capital Management LLC. In its current portfolio, Columbia Management Investment Ad holds 14,909,517 shares valued at $511.69 million.

In terms of Corning Incorporated share price expectations, FactSet research, analysts set an average price target of $39.56 in the next 12 months, up nearly 28.78% from the previous closing price of $31.06. Analysts anticipate Corning Incorporated stock to reach $44.00 by 2022, with the lowest price target being $36.00. In spite of this, 17 analysts ranked Corning Incorporated stock as an Overweight at the end of 2022. On January 27, 2022, Goldman assigned a price target of “a Buy” to the stock and upgraded coverage with a $50.


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