Corning (NYSE:GLW) Trading Up 4.6% – Here’s Why

Corning Incorporated (NYSE:GLW)’s stock price shot up 4.6% during trading on Thursday . The company traded as high as $204.48 and last traded at $192.53. Approximately 9,875,490 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 12,957,128 shares. The stock had previously closed at $184.03.

Analysts Set New Price Targets

Several brokerages have weighed in on GLW. JPMorgan Chase & Co. increased their price objective on Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Mizuho boosted their target price on Corning from $220.00 to $270.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. UBS Group set a $243.00 price target on Corning in a research report on Monday. Barclays increased their price target on Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Truist Financial lifted their price objective on Corning from $149.00 to $205.00 and gave the stock a “hold” rating in a report on Monday, June 22nd. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $193.54.

Corning Stock Performance

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 company has a market capitalization of $165.70 billion, a PE ratio of 92.12, a PEG ratio of 2.43 and a beta of 1.09. The company has a 50-day moving average price of $191.61 and a two-hundred day moving average price of $148.94.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm’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. Analysts predict that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. Corning’s dividend payout ratio is currently 53.59%.

Insider Transactions at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The shares were 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 directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president directly owned 25,570 shares of the company’s stock, valued at approximately $5,273,301.10. This represents a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 160,655 shares of company stock valued at $30,692,560. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GLW. Vanguard Group Inc. grew its position in Corning by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock worth $8,693,247,000 after buying an additional 580,678 shares in the last quarter. State Street Corp raised its holdings in shares of Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after acquiring an additional 439,883 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock valued at $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Corning by 52.7% during the 4th 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 last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock worth $1,358,211,000 after purchasing an additional 3,848,540 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.