Corning (NYSE:GLW) Stock Price Up 9.1% – Still a Buy?

Corning Incorporated (NYSE:GLW)’s stock price rose 9.1% during mid-day trading on Tuesday . The company traded as high as $162.49 and last traded at $159.93. 18,824,245 shares traded hands during trading, an increase of 43% from the average session volume of 13,159,173 shares. The stock had previously closed at $146.64.

Analyst Ratings Changes

A number of equities analysts have weighed in on GLW shares. Citigroup reduced their price objective 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. Bank of America lifted their target price on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. cut their target price on shares of Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Oppenheimer reduced their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Finally, Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $174.08.

Corning Stock Up 9.1%

The business has a fifty day simple moving average of $181.97 and a two-hundred day simple moving average of $157.64. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The company has a market cap of $137.76 billion, a PE ratio of 73.03, a price-to-earnings-growth ratio of 1.78 and a beta of 1.14.

Corning (NYSE:GLW) last announced its earnings results 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. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. During the same quarter in the previous year, the company posted $0.60 EPS. The firm’s quarterly 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, equities research analysts predict that Corning Incorporated will post 3.25 earnings per share for the current year.

Corning Announces Dividend

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

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the business’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 transaction, the chief executive officer directly owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michaune D. Tillman sold 3,260 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the sale, the senior vice president owned 10,174 shares of the company’s stock, valued at $2,106,221.48. This trade represents a 24.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 160,655 shares of company stock worth $30,692,560 in the last 90 days. 0.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Corning during the 4th quarter worth approximately $921,435,000. Capital Research Global Investors lifted its holdings in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock valued at $329,035,000 after acquiring an additional 2,348,125 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Corning by 102.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker’s stock worth $399,505,000 after acquiring an additional 2,304,676 shares during the period. Finally, Evergreen Quality Fund GP Ltd. purchased a new position in Corning in the fourth quarter worth approximately $185,312,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.