Corning (NYSE:GLW) Trading Up 5.9% – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s stock price rose 5.9% during mid-day trading on Monday . The company traded as high as $159.87 and last traded at $159.02. Approximately 8,638,396 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 12,428,332 shares. The stock had previously closed at $150.13.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GLW shares. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Mizuho lowered their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. Morgan Stanley reduced their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a research note on Tuesday, September 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Twelve equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.50.

Corning Stock Down 3.1%

The stock has a market cap of $133.25 billion, a P/E ratio of 70.95, a price-to-earnings-growth ratio of 2.03 and a beta of 1.16. The stock’s 50-day moving average is $153.20 and its 200-day moving average is $166.28. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts anticipate that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently modified their holdings of the stock. State Street Corp lifted its stake in shares of Corning by 13.4% during the 2nd 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 last quarter. Wellington Altus USA Inc. grew its stake in Corning by 32.6% during the second quarter. Wellington Altus USA Inc. now owns 427 shares of the electronics maker’s stock worth $109,000 after buying an additional 105 shares in the last quarter. Reynders McVeigh Capital Management LLC bought a new position in Corning in the second quarter valued at approximately $295,000. SkyView Investment Advisors LLC acquired a new stake in Corning in the second quarter valued at about $255,000. Finally, ABS Direct Equity Fund LLC acquired a new stake in Corning in the second quarter valued at approximately $65,000. 69.80% of the stock is owned by institutional investors and hedge funds.

About Corning

Corning Incorporated (NYSE: GLW) is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning’s products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.