Corning (NYSE:GLW) Shares Up 3.8% - Time to Buy?

Key Points

• Corning shares rose 3.8% to $152.76 in mid-day trading, though the stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment remains positive overall, with 10 Buy and six Hold ratings and an average price target of $174.08, despite several recent target reductions.
• Corning exceeded quarterly expectations with $0.78 EPS and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, yielding approximately 0.7%.

Corning Incorporated (NYSE:GLW - Get Free Report) shot up 3.8% during mid-day trading on Wednesday . The stock traded as high as $152.93 and last traded at $152.76. Approximately 5,960,533 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 12,767,299 shares. The stock had previously closed at $147.16.

Analyst Ratings Changes

A number of research analysts have recently commented on GLW shares. Morgan Stanley cut their price objective on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. Citigroup lowered their price target on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research note on Wednesday, July 29th. Susquehanna upped their price target on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a report on Wednesday, April 29th. Truist Financial upgraded Corning from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. Finally, Weiss Ratings lowered Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Trading Up 3.8%

The stock has a market cap of $131.59 billion, a P/E ratio of 69.75, a PEG ratio of 1.86 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The business's 50 day simple moving average is $173.41 and its 200 day simple moving average is $164.22.

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

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be given 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 is 51.14%.

Insiders Place Their Bets

In other Corning news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently made changes to their positions in GLW. Berbice Capital Management LLC acquired a new stake in shares of Corning during the fourth quarter worth approximately $26,000. Basepoint Wealth LLC bought a new position in shares of Corning in the fourth quarter valued at approximately $26,000. Atwood & Palmer Inc. acquired a new position in shares of Corning in the 2nd quarter worth approximately $26,000. Rogco LP bought a new stake in Corning during the 2nd quarter worth approximately $27,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Corning during the 4th quarter worth approximately $27,000. 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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