Corning (NYSE:GLW) Trading Up 5.2% – Here’s Why
by Teresa Graham · The Cerbat GemShares of Corning Incorporated (NYSE:GLW – Get Free Report) were up 5.2% on Wednesday . The company traded as high as $169.95 and last traded at $167.47. 9,994,511 shares traded hands during trading, a decline of 23% from the average session volume of 12,998,120 shares. The stock had previously closed at $159.19.
Wall Street Analyst Weigh In
A number of equities analysts have commented on GLW shares. JPMorgan Chase & Co. reduced their price objective on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings upgraded Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Barclays cut their price target on Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Bank of America upped their price target on shares of Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Finally, UBS Group reissued a “buy” rating and set a $196.00 price objective on shares of Corning in a report on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.08.
Corning Trading Up 5.2%
The company has a market cap of $144.26 billion, a P/E ratio of 76.47, a P/E/G ratio of 2.02 and a beta of 1.14. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $178.53 and a two-hundred day moving average price of $160.44.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, analysts predict that Corning Incorporated will post 3.27 EPS for the current year.
Corning Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s payout ratio is 51.14%.
Insiders Place Their Bets
In other Corning news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the sale, the senior vice president owned 94,400 shares in the company, valued at approximately $18,138,016. The trade was a 22.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Corning during the 4th quarter worth about $921,435,000. Bank of New York Mellon Corp acquired a new position in shares of Corning during the second quarter worth about $1,510,911,000. Capital Research Global Investors grew its holdings in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after buying an additional 5,831,873 shares in the last quarter. Deutsche Bank AG bought a new position in shares of Corning during the second quarter worth about $612,763,000. Finally, Polar Capital Holdings Plc raised its position in Corning by 141.2% in the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after buying an additional 2,348,125 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.
About Corning
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.