Corning (NYSE:GLW) Shares Up 15.7% - Should You Buy?

Key Points

• Corning shares jumped 15.7% on Monday, with heavy trading volume far above its daily average. The stock briefly reached $258.80 before last trading near $255.79.
• Several analysts raised their price targets on Corning after recent developments, and the stock now carries a consensus rating of Moderate Buy with an average target price of $182.62. Notably, Truist, Susquehanna, JPMorgan, and Oppenheimer all adjusted their outlooks upward.
• Corning’s latest earnings topped estimates, with Q1 EPS of $0.70 versus $0.69 expected and revenue up 18.1% year over year. The company also declared a quarterly dividend of $0.28 per share, though insiders have sold shares in recent months.

Corning Incorporated (NYSE:GLW - Get Free Report) shot up 15.7% during trading on Monday . The stock traded as high as $258.80 and last traded at $255.79. Approximately 24,085,469 shares changed hands during mid-day trading, an increase of 88% from the average daily volume of 12,806,866 shares. The stock had previously closed at $221.05.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLW. Truist Financial lifted their price target on shares of Corning from $149.00 to $205.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Susquehanna raised their target price on shares of Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Oppenheimer increased their price target on Corning from $120.00 to $210.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. Finally, Wall Street Zen cut Corning from a "buy" rating to a "hold" rating in a research note on Saturday, June 6th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $182.62.

Corning Stock Performance

The firm has a market cap of $220.14 billion, a price-to-earnings ratio of 122.39, a PEG ratio of 3.16 and a beta of 1.15. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $184.70 and a 200 day moving average of $142.10.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Monday, August 31st. Corning's payout ratio is 53.59%.

Insider Activity

In other news, VP John Z. Zhang sold 10,000 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the sale, the vice president owned 5,138 shares in the company, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 160,655 shares of company stock worth $30,692,560 over the last ninety days. Insiders own 0.25% of the company's stock.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors acquired a new position in Corning in the third quarter worth $907,164,000. Norges Bank bought a new position in shares of Corning in the 4th quarter worth about $921,435,000. Wellington Management Group LLP boosted its holdings in shares of Corning by 30.3% in the 3rd quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock valued at $1,358,211,000 after buying an additional 3,848,540 shares during the period. Polar Capital Holdings Plc grew its position in shares of Corning by 141.2% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock valued at $329,035,000 after buying an additional 2,348,125 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Corning by 102.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker's stock valued at $399,505,000 after buying an additional 2,304,676 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

About Corning

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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