Last Updated: 13 Sep 2024
Executive Summary
Corning Incorporated (GLW) is a leading manufacturer of specialty glass, ceramics, and related materials for industrial and scientific applications. With a market capitalization of $35.8 billion, the company has a strong financial position and is well-positioned for growth. The latest stock price of $41.86 is within the company's 52-week range of $24.45 to $46.08.
Company Overview
Corning was founded in 1851 and is headquartered in Corning, New York. The company has a global presence with operations in over 30 countries. Corning's products are used in a wide range of industries, including telecommunications, automotive, aerospace, and healthcare. The company is known for its innovative products and its commitment to research and development.
Fundamental Analysis
Corning has a strong financial profile. The company's revenue has grown steadily over the past five years, and its profitability has improved. In 2023, Corning reported revenue of $12.4 billion and net income of $1.1 billion. The company's gross profit margin is 39.1%, and its operating margin is 10.1%. Corning has a strong balance sheet with $4.5 billion in cash and equivalents and $6.2 billion in debt.
Technical Analysis
Corning's stock price has been trending higher over the past year. The stock is currently trading above its 50-day and 200-day moving averages. The relative strength index (RSI) is 56.8, which indicates that the stock is not overbought. The moving average convergence divergence (MACD) indicator is also bullish, with the MACD line above the signal line.
Short Term Outlook
Corning's stock price is likely to continue to trend higher in the short term. The company has a strong financial profile and is well-positioned for growth. The stock is trading above its moving averages and the RSI is not overbought. The MACD indicator is also bullish.
Long Term Outlook
Corning's long-term outlook is also positive. The company is a leader in its industry and has a strong track record of innovation. The company's products are used in a wide range of industries, and the demand for its products is expected to grow in the coming years.
Analyst Recommendations
Analysts are generally positive on Corning's stock. The consensus rating on the stock is "buy." The average analyst target price is $43.64, which represents a potential upside of 4.3% from the current price.
