Corning (NYSE:GLW) Hits New 52-Week High - Time to Buy?

Key Points

• Corning Incorporated shares reached a new 52-week high of $78.08, marking significant investor interest with over 2 million shares trading hands.
• Analyst ratings are generally positive, with twelve analysts rating the stock with "Buy" or better and a consensus price target of $66.75.
• Corning announced a quarterly dividend of $0.28 per share, representing a yield of 1.4% and a payout ratio of 119.15%.

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $77.98 and last traded at $78.08, with a volume of 2095242 shares trading hands. The stock had previously closed at $77.04.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GLW. Argus reiterated a "buy" rating and set a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Barclays boosted their target price on shares of Corning from $52.00 to $65.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 30th. Wolfe Research initiated coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Oppenheimer reissued an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $66.75.

Corning Stock Up 1.2%

The firm has a market cap of $66.77 billion, a price-to-earnings ratio of 82.93, a P/E/G ratio of 1.73 and a beta of 1.09. The firm's fifty day moving average is $62.75 and its two-hundred day moving average is $52.52. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the prior year, the company posted $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. On average, sell-side analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.4%. Corning's dividend payout ratio is presently 119.15%.

Insider Transactions at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the business's stock in a transaction dated 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 sale, the executive vice president directly owned 39,759 shares in the company, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Avery H. Nelson III sold 36,240 shares of the business's 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 163,950 shares of company stock valued at $10,449,192 in the last quarter. 0.32% of the stock is owned by company insiders.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently bought and sold shares of GLW. Central Pacific Bank Trust Division increased its holdings in shares of Corning by 23.6% in the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker's stock valued at $3,838,000 after purchasing an additional 13,920 shares during the period. Gotham Asset Management LLC acquired a new position in shares of Corning in the 4th quarter valued at about $306,000. GAMMA Investing LLC increased its holdings in shares of Corning by 29.2% in the 1st quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock valued at $520,000 after purchasing an additional 2,567 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Corning by 4,346.5% in the 1st quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker's stock valued at $7,048,000 after purchasing an additional 150,521 shares during the period. Finally, Dynamic Advisor Solutions LLC increased its holdings in shares of Corning by 1.3% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after purchasing an additional 297 shares during the period. Institutional investors and hedge funds own 69.80% of the company's stock.

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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