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Valued at $34.3 billion by market cap, New York-based Corning Incorporated (GLW) serves diverse markets such as optical communications, mobile consumer electronics, display technology, automotive, and life sciences. Additionally, the company manufactures advanced glass substrates, which are utilized in a wide range of applications across various industries.
Companies valued at $10 billion or more are generally classified as "large-cap" stocks, and Corning fits right into that category, boasting a market cap that surpasses this threshold. Renowned for its legendary Gorilla Glass, the company is a global leader in materials science with a 170-year history of groundbreaking innovations. The company excels in glass science, ceramic science, and optical physics. By leveraging its deep manufacturing and engineering expertise, Corning creates transformative products that revolutionize industries and improve lives.
Despite the slight pullback from its 52-week high of $40.46, hit on June 21, shares of Corning have showcased resilience, surging nearly 20.9% over the past three months, outpacing the broader Dow Jones Industrials Average's ($DOWI) marginal drop over the same time frame.
Over the longer term, GLW is up 31.5% on a YTD basis, easily overshadowing the DOWI's 3.9% gains. Moreover, shares of GLW have surged nearly 16.4% over the past 52 weeks, compared to the DOWI’s 15.3% returns over the same time frame.
To confirm the bullish price trend, the stock has been trading above both its 200-day and 50-day moving averages since the start of February this year.
The company's strong performance is fueled by continuous investment in RD&E, cutting-edge innovations in materials and processes, and solid customer partnerships. Moreover, Corning’s positive market sentiment is further bolstered by its ability to navigate Yen fluctuations, capitalize on broad cyclical and secular trends, and maintain stability in its Display segment. Plus, on April 30, the company disclosed its Q1 earnings results, which blew past Wall Street forecasts on both top and bottom lines, triggering an almost 5% surge in its shares on the same day.
Meanwhile, GLW’s rival Steel Dynamics, Inc. (STLD) has outperformed with a 25.5% surge over the past 52 weeks. However, on a YTD basis, STLD is up 8.5% compared to GLW’s double-digit return over the same time frame.
Despite GLW’s strong price action, analysts are curiously optimistic about its prospects. Among the 11 analysts covering the stock, there is a consensus rating of “Moderate Buy,” and it is currently trading above the mean price target of $38.46.
On the date of publication, Anushka Mukherjee 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.
