Corning (NYSE:GLW) Shares Up 6.1% After Dividend Announcement

Shares of Corning Incorporated (NYSE:GLW) shot up 6.1% during trading on Wednesday following a dividend announcement from the company. The stock traded as high as $217.09 and last traded at $205.9080. Approximately 19,036,090 shares changed hands during mid-day trading, an increase of 54% from the average session volume of 12,323,977 shares. The stock had previously closed at $194.07.

The newly announced dividend which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a dividend yield of 0.5%. Corning’s dividend payout ratio (DPR) is presently 53.59%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLW. Susquehanna boosted their target price on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research report on Wednesday, April 29th. Oppenheimer raised their price target on shares of Corning from $120.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Barclays upped their price objective on shares of Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a research note on Friday, May 15th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $182.62.

Corning Price Performance

The stock has a market cap of $187.06 billion, a price-to-earnings ratio of 103.79, a P/E/G ratio of 2.95 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06. The stock’s 50 day simple moving average is $183.60 and its two-hundred day simple moving average is $141.15.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Insider Activity at Corning

In other news, SVP Jaymin Amin sold 27,395 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the sale, the senior vice president directly owned 94,400 shares in the company, valued at approximately $18,138,016. This represents a 22.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP John Z. Zhang sold 10,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president directly owned 5,138 shares of the company’s stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 160,655 shares of company stock valued at $30,692,560. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signature Equity Partners LLC increased its position in shares of Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC boosted its position in Corning by 0.8% in the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after buying an additional 64 shares in the last quarter. Balefire LLC grew its stake 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 buying an additional 65 shares during the last quarter. Millstone Evans Group LLC grew its stake in Corning by 1.3% during the first quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker’s stock worth $733,000 after buying an additional 67 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Corning by 1.6% during the first quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after buying an additional 70 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

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.