Corning (NYSE:GLW) Shares Up 2.5% After Analyst Upgrade

Key Points

• Corning shares rose 2.5% after Fox Advisors upgraded the stock from equal weight to overweight, reaching an intraday high of $110.50.
• Analyst views are mostly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $175.81, though some firms recently lowered their targets.
• Corning’s latest quarter topped estimates, with adjusted earnings of $0.91 per share and revenue of $5.08 billion; revenue increased 18.9% year over year.

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) traded up 2.5% on Friday after Fox Advisors upgraded the stock from an equal weight rating to an overweight rating. The stock traded as high as $110.50 and last traded at $106.0350. 11,675,978 shares were traded during trading, a decline of 2% from the average daily volume of 11,920,381 shares. The stock had previously closed at $103.43.

Several other equities analysts also recently issued reports on GLW. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. JPMorgan Chase & Co. lowered their price target on Corning from $170.00 to $165.00 and set a "neutral" rating for the company in a research report on Wednesday, October 21st. Truist Financial reiterated a "buy" rating and set a $175.00 price target (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. Bank of America cut their price objective on Corning from $243.00 to $200.00 and set a "buy" rating on the stock in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group restated an "outperform" rating on shares of Corning in a research note on Tuesday, September 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $175.81.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the firm's stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company's stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

Several hedge funds have recently bought and sold shares of GLW. Allworth Financial LP raised its position in shares of Corning by 13.8% in the 3rd quarter. Allworth Financial LP now owns 41,280 shares of the electronics maker's stock valued at $6,347,000 after purchasing an additional 4,996 shares in the last quarter. GKV Capital Management Co. Inc. boosted its stake in shares of Corning by 30.8% during the 3rd quarter. GKV Capital Management Co. Inc. now owns 30,801 shares of the electronics maker's stock valued at $4,736,000 after buying an additional 7,246 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Corning by 23.1% during the third quarter. Fisher Asset Management LLC now owns 14,647 shares of the electronics maker's stock worth $2,252,000 after buying an additional 2,753 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Corning by 6.2% during the third quarter. Russell Investments Group Ltd. now owns 726,246 shares of the electronics maker's stock worth $111,911,000 after buying an additional 42,171 shares in the last quarter. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. increased its stake in shares of Corning by 77.8% in the third quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 1,193 shares of the electronics maker's stock worth $183,000 after buying an additional 522 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Trading Up 2.5%

The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The business's 50 day moving average is $145.40 and its 200-day moving average is $155.48. The firm has a market cap of $91.34 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The firm's revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.67 EPS. As a group, analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning's dividend payout ratio is 45.34%.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.

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