Corning Incorporated (NYSE:GLW) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Corning Incorporated has received an average recommendation of "Moderate Buy" from analysts, with a price target of $65.17 based on reports from fourteen brokerages.
• CEO Wendell P. Weeks sold over 82,000 shares at a price of $65.19, reducing his stake in the company by 9.21%.
• The company reported quarterly earnings of $0.60 per share, exceeding analyst estimates, and also announced a quarterly dividend of $0.28 per share.

Corning Incorporated (NYSE:GLW - Get Free Report) has received an average rating of "Moderate Buy" from the fourteen analysts that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $65.1667.

Several research analysts have recently weighed in on the company. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Susquehanna restated a "positive" rating and issued a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. Citigroup boosted their price target on Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Wolfe Research assumed coverage on Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $72.00 price objective (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th.

Corning Trading Up 1.1%

Shares of GLW stock traded up $0.72 during trading hours on Monday, reaching $67.50. The company's stock had a trading volume of 5,419,065 shares, compared to its average volume of 5,902,013. The stock has a market capitalization of $57.83 billion, a P/E ratio of 29.68, a P/E/G ratio of 1.50 and a beta of 1.08. Corning has a one year low of $37.31 and a one year high of $67.68. The firm's fifty day simple moving average is $57.82 and its 200 day simple moving average is $50.78. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter last year, the business posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities research analysts expect that Corning will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Insider Buying and Selling

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total transaction of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total value of $1,035,714.12. Following the completion of the transaction, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 211,484 shares of company stock worth $12,813,804 over the last three months. Corporate insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corning

A number of institutional investors and hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust raised its stake in shares of Corning by 3.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,296 shares of the electronics maker's stock valued at $278,000 after acquiring an additional 158 shares during the period. Groupe la Francaise boosted its holdings in shares of Corning by 8.2% in the 2nd quarter. Groupe la Francaise now owns 2,284 shares of the electronics maker's stock valued at $120,000 after buying an additional 173 shares during the period. Empirical Finance LLC boosted its stake in Corning by 0.7% during the 2nd quarter. Empirical Finance LLC now owns 27,043 shares of the electronics maker's stock valued at $1,422,000 after purchasing an additional 184 shares during the period. Zions Bancorporation National Association UT boosted its stake in Corning by 3.3% during the 2nd quarter. Zions Bancorporation National Association UT now owns 5,746 shares of the electronics maker's stock valued at $302,000 after purchasing an additional 185 shares during the period. Finally, Forte Capital LLC ADV boosted its stake in Corning by 2.4% during the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock valued at $419,000 after purchasing an additional 190 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.