Corning (NYSE:GLW) Stock Price Up 10.7% – Here’s Why
by Amy Steele · The Cerbat GemShares of Corning Incorporated (NYSE:GLW – Get Free Report) traded up 10.7% during mid-day trading on Monday . The stock traded as high as $208.92 and last traded at $206.99. 22,053,107 shares were traded during mid-day trading, an increase of 87% from the average session volume of 11,772,491 shares. The stock had previously closed at $186.94.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Saturday. Truist Financial boosted their price target on Corning from $125.00 to $149.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. UBS Group boosted their price target on Corning from $179.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday. Zacks Research upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Finally, Bank of America boosted their price target on Corning from $155.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $172.15.
View Our Latest Report on Corning
Corning Stock Up 10.7%
The firm has a 50 day simple moving average of $152.13 and a two-hundred day simple moving average of $116.67. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $178.14 billion, a P/E ratio of 99.04, a PEG ratio of 2.68 and a beta of 1.14.
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.35 billion during the quarter, compared to analysts’ expectations of $4.30 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts expect that Corning Incorporated will post 3.19 earnings per share for the current year.
Corning Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, May 29th. Corning’s dividend payout ratio is presently 53.59%.
Insider Transactions at Corning
In other news, EVP Lewis A. Steverson sold 15,366 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $130.22, for a total value of $2,000,960.52. Following the completion of the transaction, the executive vice president directly owned 3,461 shares in the company, valued at approximately $450,691.42. This represents a 81.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 137,514 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total value of $21,365,550.18. Following the completion of the transaction, the chief executive officer owned 750,585 shares of the company’s stock, valued at $116,618,391.45. The trade was a 15.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 155,994 shares of company stock valued at $23,775,077 over the last quarter. 0.25% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after purchasing an additional 2,114 shares during the period. Retirement Planning Co of New England Inc. acquired a new stake in Corning in the first quarter valued at $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Corning by 9.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock valued at $2,962,000 after purchasing an additional 5,522 shares during the period. Sivia Capital Partners LLC acquired a new stake in Corning in the second quarter valued at $401,000. Finally, Schnieders Capital Management LLC. acquired a new stake in Corning in the second quarter valued at $266,000. 69.80% of the stock is currently owned by institutional investors.
Corning Company Profile
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.