Corning (NYSE:GLW) Reaches New 52-Week High - Here's Why

Key Points

• Corning's stock price reached a new 52-week high of $67.32 during trading, showcasing a strong performance with a significant trading volume of over 2 million shares.
• Several Wall Street analysts recently upgraded Corning's stock ratings, with price targets set between $68.00 and $75.00, indicating a favorable outlook for the company's future performance.
• Corning announced a quarterly dividend of $0.28 for shareholders on record as of August 29th, offering an annual yield of 1.7%, while insiders sold a total of 211,484 shares over the past three months.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $67.32 and last traded at $66.96, with a volume of 2189215 shares traded. The stock had previously closed at $65.77.

Wall Street Analyst Weigh In

A number of research firms recently commented on GLW. Wall Street Zen upgraded Corning from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Mizuho raised their price target on shares of Corning from $63.00 to $74.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Susquehanna restated a "positive" rating and issued a $75.00 price target (up from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Argus restated a "buy" rating and issued a $68.00 target price on shares of Corning in a research note on Wednesday, July 30th. Finally, Oppenheimer reiterated an "outperform" rating and set a $72.00 price target (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $65.17.

Corning Stock Performance

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 company has a 50-day moving average price of $57.16 and a 200-day moving average price of $50.56. The firm has a market capitalization of $57.41 billion, a price-to-earnings ratio of 71.35, a P/E/G ratio of 1.47 and a beta of 1.08.

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 the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter last year, the company earned $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company 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 $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is 119.15%.

Insider Transactions at Corning

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the completion of the sale, the chief operating officer directly owned 64,838 shares in the company, valued at $4,036,813.88. This represents a 35.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 16,646 shares of the company'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 value of $1,035,714.12. Following the completion of the sale, the executive vice president owned 39,759 shares of the company's stock, valued at $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 a total of 211,484 shares of company stock valued at $12,813,804 over the last three months. 0.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GLW. Parkside Financial Bank & Trust increased its position in Corning by 3.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 5,296 shares of the electronics maker's stock valued at $278,000 after purchasing an additional 158 shares during the period. Groupe la Francaise increased its position in Corning by 8.2% during the 2nd quarter. Groupe la Francaise now owns 2,284 shares of the electronics maker's stock valued at $120,000 after purchasing an additional 173 shares during the period. Empirical Finance LLC increased its position 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 increased its position 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 increased its position 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.