Corning (NYSE:GLW) Trading Up 1.9% - What's Next?

Key Points

• Corning shares rose 1.9% to about $166.28 in midday trading, with volume significantly below the stock’s average. The company has a market capitalization of roughly $143.2 billion.
• Analyst sentiment remains positive but targets have been reduced: Corning has a “Moderate Buy” consensus rating from 17 analysts and an average price target of $178.64.
• Corning exceeded quarterly expectations, reporting $0.78 in adjusted earnings per share and $4.74 billion in revenue, up 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, representing a 0.7% yield.

Corning Incorporated (NYSE:GLW - Get Free Report) shares rose 1.9% during mid-day trading on Friday . The company traded as high as $168.82 and last traded at $166.2760. Approximately 4,681,630 shares were traded during trading, a decline of 63% from the average daily volume of 12,488,241 shares. The stock had previously closed at $163.12.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Citigroup decreased their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Truist Financial raised shares of Corning from a "hold" rating to a "buy" rating and reduced their price objective for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Barclays decreased their price objective on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their target price on shares of Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a report on Wednesday, July 29th. Finally, Zacks Research cut shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $178.64.

Corning Trading Up 1.9%

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 firm has a fifty day simple moving average of $159.22 and a 200-day simple moving average of $166.24. The firm has a market cap of $143.23 billion, a P/E ratio of 75.93, a price-to-earnings-growth ratio of 2.16 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share 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 analyst estimates of $4.63 billion. During the same period in the prior year, the firm earned $0.60 earnings per share. Corning's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, equities research analysts expect that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Corning's payout ratio is presently 51.14%.

Insiders Place Their Bets

In other Corning 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 transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Berbice Capital Management LLC purchased a new position in Corning during the 4th quarter worth $26,000. Basepoint Wealth LLC bought a new stake in Corning in the 4th quarter worth about $26,000. Atwood & Palmer Inc. purchased a new stake in Corning in the 2nd quarter valued at about $26,000. Rogco LP bought a new position in shares of Corning during the 2nd quarter worth approximately $27,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Corning in the 4th quarter worth approximately $27,000. Hedge funds and other institutional investors own 69.80% of the company's stock.

About Corning

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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