Corning (NYSE:GLW) Shares Up 6.1% - Still a Buy?

Key Points

• Corning shares rose 6.1% in midday trading, reaching as high as $164.50, after trading well above average volume despite the broader recent volatility in the stock.
• Analyst sentiment remains fairly positive, with 10 Buy ratings and 6 Hold ratings; the consensus rating is “Moderate Buy” and the average price target is $194.69, even as some firms recently adjusted targets and ratings.
• The company reported solid quarterly results and a dividend, beating EPS and revenue estimates in its latest earnings report and announcing a quarterly dividend of $0.28 per share, payable Sept. 29.

Corning Incorporated (NYSE:GLW - Get Free Report)'s share price rose 6.1% during mid-day trading on Tuesday . The stock traded as high as $164.50 and last traded at $162.44. Approximately 10,045,138 shares were traded during trading, a decline of 22% from the average daily volume of 12,804,896 shares. The stock had previously closed at $153.10.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Oppenheimer upped their target price on shares of Corning from $210.00 to $230.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Zacks Research lowered Corning from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Morgan Stanley set a $180.00 price target on Corning in a research report on Friday, May 8th. UBS Group set a $243.00 price objective on Corning in a research note on Monday, July 6th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $194.69.

Corning Price Performance

The company has a market cap of $139.80 billion, a price-to-earnings ratio of 77.72, a PEG ratio of 2.03 and a beta of 1.09. The company's 50 day moving average price is $191.73 and its 200 day moving average price is $153.75. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The business had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The business's revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities research analysts forecast that Corning Incorporated will post 3.18 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly 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. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.7%. Corning's payout ratio is presently 53.59%.

Insider Buying and Selling at Corning

In related news, SVP Soumya Seetharam sold 20,000 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares of the company's stock, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP John Z. Zhang sold 10,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president owned 5,138 shares of the company's stock, valued at $1,019,070.92. The trade was a 66.06% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 160,655 shares of company stock worth $30,692,560. 0.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Trust Asset Management LLC lifted its stake in shares of Corning by 1.0% in the second quarter. Trust Asset Management LLC now owns 8,648 shares of the electronics maker's stock valued at $2,209,000 after purchasing an additional 85 shares during the period. First Community Trust NA purchased a new stake in Corning during the second quarter worth about $72,000. Regent Peak Wealth Advisors LLC grew its position in Corning by 2.0% during the second quarter. Regent Peak Wealth Advisors LLC now owns 3,569 shares of the electronics maker's stock worth $912,000 after buying an additional 70 shares during the period. Annex Advisory Services LLC acquired a new position in Corning during the second quarter worth about $284,000. Finally, Tema ETFs LLC increased its holdings in Corning by 10.5% in the second quarter. Tema ETFs LLC now owns 13,723 shares of the electronics maker's stock valued at $3,505,000 after buying an additional 1,305 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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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