Corning (NYSE:GLW) Sets New 12-Month High - Time to Buy?

Key Points

• Corning Incorporated's stock reached a new 52-week high of $85.57 with significant trading volume of 431,526 shares, following a previous close of $83.56.
• Several analysts have upgraded their price targets for Corning, with Citigroup setting a target of $93.00, reflecting a bullish outlook on the stock, which currently holds a consensus rating of "Moderate Buy."
• Despite the recent highs, insider activity showed substantial selling, with COO Avery H. Nelson III divesting 36,240 shares and SVP Michael Paul O'Day selling 14,879 shares in July.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $85.03 and last traded at $85.57, with a volume of 431526 shares changing hands. The stock had previously closed at $83.56.

Analysts Set New Price Targets

A number of research firms have recently issued reports on GLW. Morgan Stanley set a $56.00 price target on Corning and gave the stock an "equal weight" rating in a research note on Wednesday, July 30th. Mizuho upped their price objective on Corning from $74.00 to $90.00 and gave the company an "outperform" 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 stock a "buy" rating in a report on Wednesday, September 24th. Oppenheimer reiterated an "outperform" rating and set a $72.00 price objective (up previously from $55.00) on shares of Corning in a report on Wednesday, July 30th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Corning in a research report on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.42.

Corning Trading Up 2.1%

The company's 50 day moving average price is $70.74 and its 200 day moving average price is $56.02. The firm has a market cap of $73.07 billion, a PE ratio of 90.76, a price-to-earnings-growth ratio of 1.86 and a beta of 1.14. 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 issued its quarterly 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 company had revenue of $3.86 billion during 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 posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insider Activity at Corning

In other Corning news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated 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 sale, the chief operating officer owned 64,838 shares of the company's stock, valued at $4,036,813.88. This trade represents a 35.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the transaction, the senior vice president directly owned 35,743 shares of the company's stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock worth $11,816,899 over the last quarter. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Corning

A number of large investors have recently bought and sold shares of GLW. Grove Bank & Trust raised its stake in shares of Corning by 5.9% during the third quarter. Grove Bank & Trust now owns 4,458 shares of the electronics maker's stock worth $366,000 after purchasing an additional 250 shares during the last quarter. Venture Visionary Partners LLC increased its stake in Corning by 2.6% in the 3rd quarter. Venture Visionary Partners LLC now owns 72,385 shares of the electronics maker's stock valued at $5,938,000 after buying an additional 1,859 shares during the period. Summit Financial Wealth Advisors LLC purchased a new position in Corning during the 3rd quarter worth $284,000. Aaron Wealth Advisors LLC raised its position in Corning by 3.4% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 15,817 shares of the electronics maker's stock worth $1,297,000 after buying an additional 514 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Corning by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 16,189 shares of the electronics maker's stock worth $1,328,000 after purchasing an additional 2,198 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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