Corning (NYSE:GLW) Shares Up 2.2% – Still a Buy?

Corning Incorporated (NYSE:GLW)’s share price shot up 2.2% during trading on Wednesday. The stock traded as high as $136.77 and last traded at $135.1530. Approximately 8,061,316 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 11,880,040 shares. The stock had previously closed at $132.26.

Analyst Ratings Changes

GLW has been the topic of a number of recent analyst reports. Sanford C. Bernstein began coverage on Corning in a research note on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 target price on the stock. Morgan Stanley lowered their target price on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a report on Tuesday, September 8th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Finally, Citigroup decreased their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Thirteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $177.25.

Corning Stock Up 0.4%

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The company has a fifty day simple moving average of $151.80 and a two-hundred day simple moving average of $168.59. The firm has a market capitalization of $107.20 billion, a PE ratio of 56.78, a PEG ratio of 1.70 and a beta of 1.13.

Corning (NYSE:GLW) last released 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 firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same period in the previous year, the company posted $0.60 earnings per share. 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. Analysts forecast that Corning Incorporated will post 3.29 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Corning’s dividend payout ratio (DPR) is currently 51.14%.

Insider Transactions at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of Corning 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 transaction, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.25% of the stock is currently owned by insiders.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of GLW. State Street Corp increased its position in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Corning by 29.2% in 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 purchasing an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP grew its stake in Corning by 50.9% during the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Corning during the 2nd quarter valued at about $1,510,911,000. Finally, Legal & General Group Plc acquired a new position in Corning during the 2nd quarter valued at about $1,212,283,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.