Corning (NYSE:GLW) Stock Jumps 1.6% - Here's What Happened

Key Points

• Corning shares rose 1.6% to about $156.55 in midday trading, although trading volume was 56% below the average.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $176.50 despite several recent target cuts.
• Corning exceeded quarterly expectations, reporting $0.78 in EPS versus $0.76 expected and $4.74 billion in revenue versus $4.63 billion forecast; revenue increased 17.1% year over year.

Corning Incorporated (NYSE:GLW - Get Free Report)'s share price was up 1.6% during mid-day trading on Friday. The stock traded as high as $157.72 and last traded at $156.5510. Approximately 5,369,978 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 12,291,328 shares. The stock had previously closed at $154.15.

Analysts Set New Price Targets

Several research firms recently commented on GLW. The Goldman Sachs Group reiterated an "outperform" rating on shares of Corning in a research note on Tuesday, September 15th. Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. 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. Mizuho reduced their target price on shares of Corning from $210.00 to $180.00 and set an "outperform" rating for the company in a research note on Tuesday, September 15th. Finally, Truist Financial raised Corning from a "hold" rating to a "buy" rating and decreased their target price for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $176.50.

Corning Trading Up 1.6%

The company has a 50-day simple moving average of $152.71 and a 200-day simple moving average of $166.64. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The stock has a market cap of $134.85 billion, a P/E ratio of 71.48, a P/E/G ratio of 2.04 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning's revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corning

A number of large investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its holdings in Corning by 15.9% during the 2nd quarter. QRG Capital Management Inc. now owns 130,887 shares of the electronics maker's stock worth $33,432,000 after purchasing an additional 17,955 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Corning by 22.9% during the second quarter. Envestnet Asset Management Inc. now owns 1,479,311 shares of the electronics maker's stock worth $377,859,000 after buying an additional 275,874 shares during the period. State Street Corp raised its stake in Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock worth $10,500,315,000 after buying an additional 4,845,027 shares during the last quarter. Wellington Altus USA Inc. lifted its holdings in Corning by 32.6% in the second quarter. Wellington Altus USA Inc. now owns 427 shares of the electronics maker's stock valued at $109,000 after buying an additional 105 shares during the period. Finally, Reynders McVeigh Capital Management LLC acquired a new position in Corning in the second quarter valued at $295,000. Institutional investors own 69.80% of the company's stock.

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning's products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.

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