Corning (NYSE:GLW) Stock Jumps 9.4% – What’s Next?

Corning Incorporated (NYSE:GLW) rose 9.4% on Monday. The stock traded as high as $116.45 and last traded at $116.0750. 9,367,968 shares changed hands during trading, a decline of 21% from the average daily volume of 11,917,106 shares. The stock had previously closed at $106.13.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GLW shares. Morgan Stanley cut their price objective on shares of Corning from $165.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 28th. Truist Financial reaffirmed a “buy” rating and set a $175.00 price target (down from $182.00) on shares of Corning in a research note on Wednesday, October 28th. Bank of America dropped their price target on Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Finally, JPMorgan Chase & Co. reduced their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating for the company in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.56.

Corning Price Performance

The firm has a market cap of $99.99 billion, a price-to-earnings ratio of 46.99, a P/E/G ratio of 1.31 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The business has a 50 day simple moving average of $144.47 and a 200-day simple moving average of $155.55.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 EPS. Equities research analysts expect that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a dividend yield of 1.0%. Corning’s payout ratio is presently 45.34%.

Insider Transactions at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on 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 completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. grew its stake in shares of Corning by 66.1% in the 3rd quarter. Bessemer Group Inc. now owns 1,058,652 shares of the electronics maker’s stock worth $162,778,000 after acquiring an additional 421,459 shares in the last quarter. Vectors Research Management LLC raised its holdings in shares of Corning by 27.8% in the third quarter. Vectors Research Management LLC now owns 13,348 shares of the electronics maker’s stock valued at $2,052,000 after purchasing an additional 2,907 shares during the last quarter. Pensioenfonds Rail & OV purchased a new stake in shares of Corning in the third quarter valued at about $1,171,000. Optas LLC lifted its position in shares of Corning by 13.8% during the third quarter. Optas LLC now owns 3,091 shares of the electronics maker’s stock valued at $475,000 after purchasing an additional 376 shares in the last quarter. Finally, AlTi Global Inc. lifted its position in shares of Corning by 11.4% during the third quarter. AlTi Global Inc. now owns 2,266 shares of the electronics maker’s stock valued at $349,000 after purchasing an additional 232 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.