Corning (NYSE:GLW) Trading Up 1.3% - Here's What Happened

Key Points

• Corning shares rose 1.3% to about $147.45 in mid-day trading, with volume roughly 48% below the average daily level.
• Analysts maintain a generally positive view, with ten Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $174.08, though several firms recently lowered their targets.
• Corning exceeded quarterly expectations with $0.78 in EPS and $4.74 billion in revenue, up 17.1% year over year, and announced a $0.28 quarterly dividend yielding approximately 0.8%.

Corning Incorporated (NYSE:GLW - Get Free Report) was up 1.3% during mid-day trading on Tuesday . The company traded as high as $150.81 and last traded at $147.4490. Approximately 6,640,807 shares were traded during trading, a decline of 48% from the average daily volume of 12,806,977 shares. The stock had previously closed at $145.55.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLW. Truist Financial upgraded Corning from a "hold" rating to a "buy" rating and lowered their target price for the stock from $205.00 to $175.00 in a report on Sunday, August 2nd. Zacks Research lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Wall Street Zen cut shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday. Citigroup lowered their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. decreased their price objective on Corning from $200.00 to $170.00 and set a "neutral" rating for the company in a report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $174.08.

Corning Trading Up 1.3%

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 company's 50-day moving average is $174.00 and its 200-day moving average is $163.95. The stock has a market capitalization of $127.01 billion, a price-to-earnings ratio of 67.33, a PEG ratio of 1.92 and a beta of 1.14.

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, topping analysts' consensus estimates 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 analysts' expectations of $4.63 billion. During the same period in the prior year, the firm earned $0.60 earnings per share. The firm'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. Research analysts anticipate that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio (DPR) is presently 51.14%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 100,000 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of Corning by 26,791.0% during the 2nd quarter. California State Teachers Retirement System now owns 308,768,637 shares of the electronics maker's stock worth $78,868,773,000 after acquiring an additional 307,620,415 shares in the last quarter. Norges Bank bought a new stake in shares of Corning in the fourth quarter worth $921,435,000. Bank of New York Mellon Corp bought a new stake in shares of Corning in the second quarter worth $1,510,911,000. Capital Research Global Investors boosted its holdings in Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in Corning during the second quarter worth $1,212,283,000. 69.80% of the stock is 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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