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Corning Incorporated (GLW), headquartered in Corning, New York, is a global technology company specializing in advanced glass and ceramic materials. With a market cap of $36.41 billion, Corning offers a diverse portfolio of innovative products across key industries such as display technologies, optical communications, environmental technologies, and life sciences.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Corning Incorporated is a strong example of this, underscoring its significant scale, stability, and influence within the global technology and materials sectors. Its focus on technological breakthroughs and high-performance products positions Corning as a key player in driving progress across industries, from communications to consumer electronics and life sciences.
GLW shares are trading 7.5% below their 52-week high of $46.39, which they hit on Jul. 16. The stock has gained 15.2% over the past three months, outperforming the Technology Select Sector SPDR Fund (XLK), which has gained 3.5% over the same time frame.
In the longer term, GLW is up 40.9% on a YTD basis, and the shares have gained 37.4% over the past 52 weeks. In comparison, the XLK has gained 14.1% in 2024 and rallied 30% over the past year.
To confirm its bullish trend, GLW has been trading above its 50-day moving average since early September and the 200-day moving average since mid-February.
On Jul. 30, GLW shares closed down more than 6% after the company reported its Q2 results. Its adjusted EPS of $0.47 beat the consensus estimates of $0.46, and its adjusted revenue rose 3.4% year over year to $3.60 billion, surpassing Wall Street expectations of $3.49 billion. The company forecasted Q3 core sales of about $3.70 billion, weaker than the consensus estimates of $3.81 billion. Moreover, it expects its Q3 core EPS to be between $0.50 and $0.54.
Highlighting the contrast in performance, GLW has outpaced its rival Nucor Corporation (NUE), which declined 8% over the past 52 weeks and 17.9% on a YTD basis.
Analysts are moderately optimistic about GLW's prospects, given the stock's strong price performance. The stock has a consensus rating of "Moderate Buy" from 12 analysts in coverage. The mean price target is $44.50, which suggests a 3.7% premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
