Corning (NYSE:GLW) Shares Up 4.6% – Here’s Why

Corning Incorporated (NYSE:GLW) traded up 4.6% during mid-day trading on Friday . The stock traded as high as $167.69 and last traded at $165.8490. 8,280,082 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 12,944,516 shares. The stock had previously closed at $158.54.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent research reports. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $205.00 to $175.00 in a research note on Sunday, August 2nd. Weiss Ratings upgraded Corning from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, August 7th. Bank of America boosted their price target on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a report on Monday, July 6th. Wall Street Zen upgraded shares of Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Barclays cut their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

Corning Price Performance

The business’s 50-day simple moving average is $177.06 and its 200 day simple moving average is $161.42. The company has a market capitalization of $142.86 billion, a P/E ratio of 75.73, a P/E/G ratio of 2.14 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last announced 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 business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The company’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The company 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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio (DPR) is 51.14%.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of Corning 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 transaction, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Several institutional investors and hedge funds have recently modified their holdings of the business. Alliance Wealth Advisors LLC boosted its stake in shares of Corning by 1.4% during the 2nd 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 in the last quarter. Ares Financial Consulting LLC raised its stake in shares of Corning by 15.6% in the 2nd 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 in the last quarter. Signature Equity Partners LLC raised its stake in shares of Corning by 19.3% in the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after acquiring an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC lifted its holdings in Corning by 0.8% in the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock worth $1,094,000 after purchasing an additional 64 shares during the last quarter. Finally, Balefire LLC boosted its position in Corning by 0.7% during the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after purchasing an additional 65 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

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.