Corning, New York-based Corning Incorporated (GLW) is a leading materials science and specialty glass company that develops and manufactures advanced glass, ceramics, and optical solutions for consumer electronics, automotive, telecommunications, life sciences, and industrial markets. It is valued at a market cap of $71.6 billion.
Companies worth $10 billion or more are typically classified as “large-cap stocks,” and GLW fits the label perfectly, with its market cap exceeding this threshold, underscoring its size, influence, and dominance within the electronic components industry. The company is best known for its innovations, such as Gorilla Glass used in smartphones and consumer devices, optical fiber and connectivity systems for broadband and 5G networks, and laboratory products and bioprocessing equipment used in scientific research and healthcare.
This tech company is currently trading 9.7% below its 52-week high of $92.57, reached on Oct. 31. Shares of GLW have rallied 20.5% over the past three months, outperforming the Technology Select Sector SPDR Fund’s (XLK) 11% rise during the same time frame.
Moreover, on a YTD basis, shares of GLW are up 75.8%, compared to XLK’s 24.7% return. In the longer term, GLW has soared 69.9% over the past 52 weeks, significantly outpacing XLK’s 22.5% uptick over the same time frame.
To confirm its bullish trend, GLW has been trading above its 200-day moving average since mid-May. However, it has remained below its 50-day moving average since mid-November.
On Oct. 28, shares of Corning plunged 3.3% after its Q3 earnings release, despite posting better-than-expected results. The company’s core sales increased 14.4% year-over-year to $4.3 billion, surpassing consensus estimates by 1.4%. Moreover, on the earnings front, its core EPS climbed 24.1% from the year-ago quarter to $0.67, topping analyst expectations by a penny. Sales growth and margin expansion across multiple business segments contributed to its strong performance.
GLW has also outpaced its rival, TE Connectivity plc (TEL), which soared 52% over the past 52 weeks and 61.4% on a YTD basis.
Given GLW’s recent outperformance, analysts remain highly optimistic about its prospects. The stock has a consensus rating of "Strong Buy” from the 13 analysts covering it, and the mean price target of $95.15 suggests a 13.9% premium to its current price levels.
On the date of publication, Neharika Jain 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.
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