Corning Incorporated (NYSE:GLW) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Corning Incorporated (NYSE:GLW) has received a consensus recommendation of "Moderate Buy" from fifteen brokerages, with an average 12-month price target of $73.00.
• Recent analyst upgrades include target price increases from UBS Group to $91.00 and Citigroup to $93.00, reflecting positive sentiment towards the stock.
• The company announced a quarterly dividend of $0.28 per share, representing a yield of 1.3%, set to be paid on December 12th.

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have received an average rating of "Moderate Buy" from the fifteen brokerages that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $73.00.

A number of research firms have recently weighed in on GLW. UBS Group increased their target price on shares of Corning from $84.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Morgan Stanley increased their target price on shares of Corning from $56.00 to $75.00 and gave the company an "equal weight" rating in a research report on Friday. Citigroup increased their target price on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Argus reissued a "buy" rating and set a $68.00 target price on shares of Corning in a research report on Wednesday, July 30th. Finally, Mizuho increased their target price on shares of Corning from $74.00 to $90.00 and gave the company an "outperform" rating in a research report on Friday, October 3rd.

Insider Buying and Selling

In related news, SVP Michael Paul O'day sold 14,879 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares of the company's stock, valued at approximately $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 181,671 shares of company stock worth $11,816,899 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. CHICAGO TRUST Co NA bought a new position in Corning in the 3rd quarter worth approximately $341,000. Diversified Enterprises LLC lifted its stake in Corning by 9.5% in the 3rd quarter. Diversified Enterprises LLC now owns 4,361 shares of the electronics maker's stock worth $358,000 after purchasing an additional 377 shares in the last quarter. USA Financial Formulas purchased a new stake in Corning in the 3rd quarter worth approximately $1,009,000. Red Door Wealth Management LLC lifted its stake in Corning by 0.8% in the 3rd quarter. Red Door Wealth Management LLC now owns 18,538 shares of the electronics maker's stock worth $1,521,000 after purchasing an additional 150 shares in the last quarter. Finally, Corsicana & Co. purchased a new stake in Corning in the 3rd quarter worth approximately $119,000. 69.80% of the stock is owned by institutional investors.

Corning Trading Up 3.1%

Shares of GLW stock opened at $85.59 on Tuesday. Corning has a 52-week low of $37.31 and a 52-week high of $87.78. The company has a 50-day simple moving average of $73.63 and a two-hundred day simple moving average of $57.60. The company has a market capitalization of $73.32 billion, a price-to-earnings ratio of 91.05, a PEG ratio of 1.85 and a beta of 1.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.93 and a current ratio of 1.50.

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

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.3%. Corning's dividend payout ratio (DPR) is 119.15%.

About Corning

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.

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