Corning (NYSE:GLW) Stock Price Up 6.1% – Here’s Why
by Michael Walen · The Markets DailyCorning Incorporated (NYSE:GLW – Get Free Report) shares were up 6.1% on Tuesday . The company traded as high as $164.50 and last traded at $162.44. 10,045,138 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 12,804,896 shares. The stock had previously closed at $153.10.
Analyst Upgrades and Downgrades
GLW has been the subject of several research analyst reports. Truist Financial raised their price objective on Corning from $149.00 to $205.00 and gave the company a “hold” rating in a research note on Monday, June 22nd. Oppenheimer upped their target price on Corning from $210.00 to $230.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Bank of America lifted their price target on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Finally, Susquehanna boosted their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research report on Wednesday, April 29th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $194.69.
Check Out Our Latest Stock Report on GLW
Corning Stock Performance
The company has a market capitalization of $139.80 billion, a price-to-earnings ratio of 77.72, a PEG ratio of 2.03 and a beta of 1.09. The stock has a fifty day moving average price of $191.73 and a two-hundred day moving average price of $153.75. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, analysts forecast that Corning Incorporated will post 3.18 EPS for the current fiscal year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is 53.59%.
Insider Activity at Corning
In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the sale, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president directly owned 10,174 shares of the company’s stock, valued at approximately $2,106,221.48. This represents a 24.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 160,655 shares of company stock worth $30,692,560 over the last three months. Company insiders own 0.25% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the business. Alliance Wealth Advisors LLC lifted its position in shares of Corning by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after purchasing an additional 56 shares during the period. Ares Financial Consulting LLC increased its position in shares of Corning by 15.6% during the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock valued at $113,000 after buying an additional 60 shares during the period. Signature Equity Partners LLC increased its position in shares of Corning by 19.3% during the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after buying an additional 62 shares during the period. Beirne Wealth Consulting Services LLC raised its stake in Corning by 0.8% in the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock worth $1,094,000 after buying an additional 64 shares in the last quarter. Finally, Balefire LLC raised its stake in Corning by 0.7% in the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after buying an additional 65 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.
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.