Corning (NYSE:GLW) Shares Up 10.8% Following Dividend Announcement

Key Points

• Corning shares jumped 10.8% after the company announced a new dividend, with trading volume more than doubling the daily average. The stock hit as high as $230.50 intraday.
• The dividend will be $0.28 per share, payable on September 29 to shareholders of record on August 31, giving an annualized payout of $1.12 and a yield of 0.5%.
• Analysts remain broadly positive on Corning, with 10 Buy ratings and 6 Hold ratings and a consensus price target of $182.62. The company also recently beat quarterly EPS and revenue estimates.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price rose 10.8% during mid-day trading on Thursday following a dividend announcement from the company. The company traded as high as $230.50 and last traded at $228.14. 25,168,610 shares changed hands during trading, an increase of 102% from the average daily volume of 12,436,690 shares. The stock had previously closed at $205.83.The newly announced dividend which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is currently 53.59%.

Analysts Set New Price Targets

GLW has been the topic of several research reports. Truist Financial upped their target price on Corning from $149.00 to $205.00 and gave the company a "hold" rating in a research report on Monday. JPMorgan Chase & Co. upped their price target on shares of Corning from $175.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 7th. UBS Group raised their target price on shares of Corning from $223.00 to $228.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Barclays upped their price objective on shares of Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Finally, Morgan Stanley set a $180.00 target price on Corning in a research note on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $182.62.

Corning Price Performance

The company has a market cap of $196.35 billion, a PE ratio of 109.16, a PEG ratio of 2.78 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The company's 50-day simple moving average is $182.50 and its 200 day simple moving average is $140.14.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.Corning's revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, sell-side analysts predict that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In other news, SVP Soumya Seetharam sold 20,000 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the transaction, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. This represents a 43.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michaune D. Tillman sold 3,260 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president owned 10,174 shares of the company's stock, valued at $2,106,221.48. This represents a 24.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Several institutional investors have recently added to or reduced their stakes in GLW. Brighton Jones LLC lifted its holdings in shares of Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after buying an additional 2,114 shares during the period. Retirement Planning Co of New England Inc. purchased a new stake in shares of Corning in the 1st quarter worth about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Corning by 9.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock valued at $2,962,000 after purchasing an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Corning during the 2nd quarter valued at $401,000. Finally, Schnieders Capital Management LLC. acquired a new stake in shares of Corning during the second quarter valued at $266,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

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