Down Nearly 30% from Its Recent All-Time High, Corning Stock Looks Like a Buy on the Dip

Corning (GLW) demonstrates strong technical momentum with a 72% “Buy” technical opinion from Barchart. GLW has gained more than 250% over the past year. Analyst sentiment is broadly positive despite some concerns that shares may be overvalued. I view the recent dip as a potential buying opportunity given GLW’s solid fundamentals and robust growth projections.

Today’s Featured Stock

Valued at $167.7 billion, Corning (GLW) produces advanced glass substrates that are used in many applications. Its markets include optical communications, mobile consumer electronics, display, automotive, and life sciences. 

What I’m Watching

I found today’s Chart of the Day by using Barchart’s powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction, and Weighted Alpha above 50+. I then used Barchart’s Flipcharts feature to review the charts for consistent price appreciation. The Trend Seeker issued a new “Buy” signal for GLW on June 22. However, since then, the stock has lost 12.27%.

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Barchart’s Technical Indicators for Corning

Editor’s Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.

Corning scored an all-time high of $271.78 on June 30 before dropping 28.32%.

Corning has a Weighted Alpha of +212.87. GLW has a 100% “Buy” opinion from Barchart. The stock has gained 251.44% over the past 52 weeks. Corning has its Trend Seeker “Buy” signal intact. The stock recently traded at $179.04 with a 50-day moving average of $189.28. GLW has made 7 new highs and gained 3.66% over the past month. 60-month beta of 1.09. Relative Strength Index (RSI) is at 43.88. Any time the RSI goes below 50, it has my attention. There’s a technical support level around $189.64.

Don’t Forget the Fundamentals

$167.7 billion market capitalization. 73.16x trailing price-earnings ratio. 0.6% dividend yield. Revenue Is projected to grow 15.48% this year and another 18.82% next year. Earnings are expected to increase 26.83% this year and an additional 32.84% next year.

Analyst and Investor Sentiment on Corning

The Wall Street analysts followed by Barchart give the stock 8 “Strong Buys” and 6 “Hold” opinions with price targets between $167 and $270. Value Line rates the stock “Above Average” with price targets from $89 to $358. That’s an extremely wide range! CFRA’s MarketScope rates the stock a “Buy” with a price target of $225. Morningstar thinks the stock is 26% overvalued with a fair value of $155. 103,250 investors are following the stock on Seeking Alpha, which rates it a “Hold.” Short interest is reasonable at 2.76% of the float with 1.92 days to cover the float.

The Bottom Line on Corning

This is a solid company with solid projections of increasing revenue and earnings and a very wide following. Except for the high valuation, I see nothing that should be causing this dip. The dip just might be a good opportunity to buy.

Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance.

On the date of publication, Jim Van Meerten 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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