Corning (NYSE:GLW) Hits New 52-Week High - Still a Buy?

Key Points

• Corning's shares reached a new 52-week high of $81.79, closing at $81.87, with significant trading volume of over 3 million shares.
• Several analysts have recently upgraded their ratings, with Citigroup raising the target price from $72.00 to $93.00 and maintaining a "buy" rating.
• Corning reported $0.60 earnings per share for the last quarter, exceeding the consensus estimate by $0.03, alongside revenues of $3.86 billion.

Corning Incorporated (NYSE:GLW - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $81.79 and last traded at $81.87, with a volume of 3289777 shares trading hands. The stock had previously closed at $80.26.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on GLW shares. Argus restated a "buy" rating and set a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Citigroup lifted their target price on shares of Corning from $72.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a research note on Saturday, September 13th. Wolfe Research initiated coverage on shares of Corning in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Finally, UBS Group boosted their price target on shares of Corning from $84.00 to $91.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given 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 target price of $70.08.

Corning Trading Up 2.3%

The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock's 50 day moving average price is $68.53 and its 200-day moving average price is $55.04. The stock has a market capitalization of $70.35 billion, a P/E ratio of 87.37, a P/E/G ratio of 1.77 and a beta of 1.09.

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

Insider Activity

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of Corning stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the transaction, the chief operating officer owned 64,838 shares of the company's stock, valued at approximately $4,036,813.88. The trade was a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were 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 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 181,671 shares of company stock valued at $11,816,899 over the last quarter. Insiders own 0.32% of the company's stock.

Hedge Funds Weigh In On Corning

Large investors have recently made changes to their positions in the stock. REAP Financial Group LLC lifted its holdings in shares of Corning by 191.5% in the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock worth $27,000 after acquiring an additional 339 shares during the last quarter. Total Investment Management Inc. purchased a new stake in Corning during the 2nd quarter worth approximately $28,000. Investment Management Corp VA ADV increased its stake in Corning by 165.9% during the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its stake in Corning by 90.1% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock worth $34,000 after buying an additional 353 shares during the period. Finally, Banque Transatlantique SA purchased a new stake in Corning during the 1st quarter worth approximately $34,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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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