Corning (NYSE:GLW) Trading Up 5.9% – Here’s Why

Shares of Corning Incorporated (NYSE:GLW) were up 5.9% during trading on Monday . The company traded as high as $159.87 and last traded at $159.02. 8,638,396 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 12,428,332 shares. The stock had previously closed at $150.13.

Wall Street Analyst Weigh In

GLW has been the topic of several recent analyst reports. China Renaissance raised shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 target price on the stock in a report on Tuesday, September 8th. Morgan Stanley decreased their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. JPMorgan Chase & Co. reduced their price objective on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Finally, Bank of America lifted their target price on Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $176.50.

Corning Stock Up 5.9%

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 capitalization of $136.98 billion, a P/E ratio of 72.61, a PEG ratio of 1.92 and a beta of 1.16. The stock has a 50 day moving average price of $154.25 and a 200 day moving average price of $166.10.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts anticipate that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE lifted its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the period. Wellington Management Group LLP increased its stake in shares of Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the period. Geode Capital Management LLC raised its position in shares of Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Corning in the second quarter valued at approximately $1,510,911,000. Finally, Capital Research Global Investors increased its position in Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares during the period. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.