JPMorgan Chase & Co. Has Lowered Expectations for Corning (NYSE:GLW) Stock Price

Key Points

• JPMorgan cut Corning’s price target from $170 to $165 while maintaining a “neutral” rating, implying roughly 22% upside from the prior close. Morgan Stanley and Barclays also lowered their targets, although the analyst consensus remains “Moderate Buy” with a $177.25 target.
• Corning shares rose 2.1% to $135.05, but remain below their 50-day and 200-day moving averages. The stock trades at a price-to-earnings ratio of 61.72 and has ranged between $77.39 and $271.78 over the past year.
• The company recently exceeded quarterly earnings and revenue expectations, reporting $0.78 EPS and $4.74 billion in revenue, with sales up 17.1% year over year. An executive vice president also sold 13,100 shares, reducing his position by 46.53%.

Corning (NYSE:GLW - Get Free Report) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $170.00 to $165.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the electronics maker's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 22.18% from the company's previous close.

A number of other analysts have also recently weighed in on GLW. 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 research report on Wednesday, July 29th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. The Goldman Sachs Group reissued an "outperform" rating on shares of Corning in a report on Tuesday, September 15th. Weiss Ratings downgraded Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Finally, Barclays reduced their target price on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a report on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $177.25.

Corning Stock Up 2.1%

Shares of Corning stock traded up $2.79 during midday trading on Wednesday, reaching $135.05. 3,565,887 shares of the company's stock traded hands, compared to its average volume of 11,866,062. The company has a market cap of $116.33 billion, a price-to-earnings ratio of 61.72, a price-to-earnings-growth ratio of 1.69 and a beta of 1.13. The company's 50 day simple moving average is $153.14 and its 200 day simple moving average is $168.85. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning has a 52 week low of $77.39 and a 52 week high of $271.78.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The business 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%. Corning's quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts expect that Corning will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Herbst Group LLC bought a new stake in Corning during the second quarter valued at $4,474,000. Principal Financial Group Inc. grew its holdings in Corning by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock worth $121,483,000 after acquiring an additional 10,591 shares during the period. Wealthfront Advisers LLC raised its position in shares of Corning by 36.2% in the 1st quarter. Wealthfront Advisers LLC now owns 92,425 shares of the electronics maker's stock worth $12,567,000 after acquiring an additional 24,589 shares in the last quarter. Silverlake Wealth Management LLC bought a new position in shares of Corning in the 2nd quarter worth about $1,872,000. Finally, Atlas Wealth LLC lifted its stake in shares of Corning by 137.8% in the 1st quarter. Atlas Wealth LLC now owns 12,076 shares of the electronics maker's stock valued at $1,642,000 after purchasing an additional 6,998 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Company Profile

Corning Incorporated NYSE: GLW is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company's products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.

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