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

Key Points

• Corning shares rose 6.1% to approximately $169.07, bringing the stock near the analyst consensus price target of $174.87.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and seven Holds, resulting in a “Moderate Buy” consensus despite several recent target-price reductions.
• Corning exceeded quarterly expectations with $0.78 in EPS and $4.74 billion in revenue, while revenue increased 17.1% year over year; however, its elevated P/E ratio of 77.2 indicates a demanding valuation.

Corning Incorporated (NYSE:GLW - Get Free Report) shares traded up 6.1% during trading on Tuesday. The stock traded as high as $170.63 and last traded at $169.0670. Approximately 8,838,086 shares traded hands during trading, a decline of 27% from the average session volume of 12,124,027 shares. The stock had previously closed at $159.37.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Mizuho cut their target price on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a report on Tuesday, September 15th. Truist Financial upped their target price on shares of Corning from $175.00 to $182.00 and gave the company a "buy" rating in a report on Friday. JPMorgan Chase & Co. lowered their price target on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Citigroup dropped their price target on Corning from $240.00 to $220.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Finally, China Renaissance raised Corning from a "hold" rating to a "buy" rating and set a $238.00 price objective for the company in a research report on Tuesday, September 8th. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $174.87.

Corning Stock Performance

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 stock has a market capitalization of $145.63 billion, a PE ratio of 77.20, a P/E/G ratio of 2.09 and a beta of 1.13. The stock has a 50 day moving average of $153.42 and a two-hundred day moving average of $167.96.

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 (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning's revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts expect that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Insider Transactions at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction that occurred on 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 owned 15,052 shares of the company's stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On Corning

Several hedge funds have recently bought and sold shares of GLW. Alliance Wealth Advisors LLC grew its holdings in shares of Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker's stock worth $1,033,000 after acquiring an additional 56 shares during the period. Ares Financial Consulting LLC lifted its holdings in Corning by 15.6% in the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker's stock valued at $113,000 after acquiring an additional 60 shares during the period. Signature Equity Partners LLC boosted its position in Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker's stock worth $52,000 after purchasing an additional 62 shares during the last quarter. Beirne Wealth Consulting Services LLC grew its stake in shares of Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker's stock valued at $1,094,000 after purchasing an additional 64 shares during the period. Finally, Balefire LLC grew its stake in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker's stock valued at $1,305,000 after purchasing an additional 65 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated NYSE: GLW is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.

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