Corning (NYSE:GLW) Stock Jumps 4.9% – Here’s What Happened
by Mitch Edgeman · The Markets DailyCorning Incorporated (NYSE:GLW – Get Free Report) shares shot up 4.9% during trading on Tuesday. The stock traded as high as $161.39 and last traded at $159.0910. 7,489,014 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 12,249,490 shares. The stock had previously closed at $151.59.
Key Headlines Impacting Corning
Here are the key news stories impacting Corning this week:
- Positive Sentiment: Major AT&T contract: Corning will supply AT&T with fiber and cable under an agreement valued at more than $3 billion. The deal provides multiyear revenue visibility and supports AT&T’s network expansion as internet and AI-related data demand grows. AT&T signs over $3 billion fiber deal with Corning
- Positive Sentiment: Growth outlook strengthened: The agreement reinforces Corning’s position as a supplier to expanding broadband and data-center infrastructure. It follows the company’s latest quarterly results, which showed revenue up 17% year over year to $4.74 billion and adjusted earnings of $0.78 per share, above consensus estimates.
- Positive Sentiment: Sector rebound and momentum: Corning rose alongside other optics companies as investors recovered from the prior session’s selloff. Analysts and momentum screens continue to highlight the stock’s strong performance relative to computer and technology peers. Optics stocks rebound
- Neutral Sentiment: Valuation and targets: The average reported analyst price target is approximately $176.50, while a separate compilation cites a median target of $215. Corning’s elevated valuation means investors may require continued earnings growth to justify further gains.
- Negative Sentiment: Financing overhang remains: Corning’s previously disclosed at-the-market program, which could raise up to $2 billion through share sales, has raised dilution concerns. Recent insider selling may also temper sentiment, although those issues were overshadowed by the AT&T announcement. Corning dilution and AI growth analysis
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the company. China Renaissance raised Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a report on Tuesday, September 8th. Citigroup lowered their target price on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and reduced their price target for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Finally, UBS Group reiterated a “buy” rating and set a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Twelve analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $176.50.
View Our Latest Research Report on Corning
Corning Trading Up 4.9%
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 stock has a market capitalization of $137.04 billion, a P/E ratio of 72.64, a PEG ratio of 2.00 and a beta of 1.16. The firm’s 50-day simple moving average is $152.72 and its 200 day simple moving average is $166.94.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current fiscal year.
Insider Activity
In other Corning news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company’s stock.
Institutional Investors Weigh In On Corning
A number of institutional investors and hedge funds have recently modified their holdings of GLW. State Street Corp boosted its holdings in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after buying an additional 4,845,027 shares during the period. Bank of America Corp DE raised its holdings in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after acquiring an additional 4,231,507 shares during the period. Capital Research Global Investors raised 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 valued at $1,478,959,000 after acquiring an additional 5,831,873 shares during the period. Wellington Management Group LLP lifted its position in shares of Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Corning by 16.5% in the 4th quarter. Bank of New York Mellon Corp now owns 6,765,011 shares of the electronics maker’s stock worth $592,344,000 after purchasing an additional 957,838 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.
Corning Company Profile
Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.
Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.
Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.