Corning (NYSE:GLW) Trading Up 4.6% - Still a Buy?

Key Points

• Corning shares rose 4.6% to approximately $165.85 in mid-day trading, with volume below the stock’s average daily level.
• Analysts maintain a generally favorable outlook, with 11 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $174.08, although several firms recently lowered their targets.
• Corning exceeded quarterly earnings and revenue expectations, reporting $0.78 in EPS and $4.74 billion in revenue, while guiding for third-quarter EPS of $0.85–$0.89. The company also declared a $0.28 quarterly dividend, yielding about 0.7%.

Corning Incorporated (NYSE:GLW - Get Free Report) rose 4.6% during mid-day trading on Friday . The company traded as high as $167.69 and last traded at $165.8490. 8,280,082 shares were traded during trading, a decline of 36% from the average daily volume of 12,944,516 shares. The stock had previously closed at $158.54.

Wall Street Analysts Forecast Growth

GLW has been the subject of several analyst reports. Citigroup cut their price target on Corning from $240.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. Morgan Stanley decreased their price objective on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their target price on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a research note on Wednesday, July 29th. Bank of America increased their target price on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Finally, Susquehanna raised their price target on Corning from $125.00 to $180.00 and gave the stock a "positive" rating in a research note on Wednesday, April 29th. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Corning has an average rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Trading Up 4.6%

The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The business's 50 day moving average is $177.06 and its 200-day moving average is $161.42. The firm has a market cap of $142.86 billion, a P/E ratio of 75.73, a price-to-earnings-growth ratio of 2.14 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm's revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Announces Dividend

The company 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 yield of 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is 51.14%.

Insider Activity

In other Corning news, SVP Jaymin Amin sold 27,395 shares of the company's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently added to or reduced their stakes in GLW. Berbice Capital Management LLC bought a new position in shares of Corning in the 4th quarter worth about $26,000. Basepoint Wealth LLC bought a new stake in shares of Corning during the 4th quarter valued at about $26,000. Atwood & Palmer Inc. acquired a new stake in Corning during the second quarter worth about $26,000. Kemnay Advisory Services Inc. acquired a new stake in Corning during the fourth quarter worth about $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in Corning in the fourth quarter worth about $31,000. 69.80% of the stock is currently owned by institutional investors.

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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