Truist Financial Issues Positive Forecast for Corning (NYSE:GLW) Stock Price

Key Points

• Truist Financial raised Corning’s price target from $175 to $182 and maintained a “buy” rating, implying 10.68% upside from the stock’s $164.44 price.
• Analyst sentiment remains positive overall, with 12 “buy” ratings and seven “hold” ratings; Corning’s average rating is “Moderate Buy” with a consensus price target of $174.53.
• Corning’s latest quarterly results exceeded expectations, reporting $0.78 EPS versus a $0.76 estimate and $4.74 billion in revenue, up 17.1% year over year.

Corning (NYSE:GLW - Get Free Report) had its price target boosted by equities researchers at Truist Financial from $175.00 to $182.00 in a report released on Friday, Benzinga reports. The firm currently has a "buy" rating on the electronics maker's stock. Truist Financial's price target would indicate a potential upside of 10.68% from the stock's current price.

Several other equities analysts have also issued reports on GLW. Weiss Ratings lowered Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Barclays lowered their price objective on Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Bank of America raised their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Morgan Stanley decreased their target price on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Corning from a "buy" rating to a "hold" rating in a report on Monday, August 24th. Twelve research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $174.53.

Corning Trading Up 2.5%

NYSE:GLW traded up $4.02 during trading hours on Friday, reaching $164.44. The company's stock had a trading volume of 2,052,874 shares, compared to its average volume of 12,140,603. The firm has a market capitalization of $141.65 billion, a price-to-earnings ratio of 74.74, a PEG ratio of 1.96 and a beta of 1.13. The firm has a 50-day simple moving average of $152.75 and a 200-day simple moving average of $167.53. Corning has a 1 year low of $77.39 and a 1 year high of $271.78. 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 (NYSE:GLW - Get Free Report) last posted its quarterly earnings results 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%. The company's revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts expect that Corning will post 3.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction that occurred on 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 sale, the executive vice president directly 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 legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Herbst Group LLC bought a new stake in Corning during the second quarter worth approximately $4,474,000. Principal Financial Group Inc. lifted its stake in shares of Corning by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 893,451 shares of the electronics maker's stock valued at $121,483,000 after purchasing an additional 10,591 shares during the last quarter. Wealthfront Advisers LLC lifted its stake 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 valued at $12,567,000 after purchasing an additional 24,589 shares during the last quarter. Atlas Wealth LLC boosted its holdings 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 worth $1,642,000 after purchasing an additional 6,998 shares during the period. Finally, Silverlake Wealth Management LLC purchased a new position in shares of Corning in the 2nd quarter worth approximately $1,872,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

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.

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