Corning (NYSE:GLW) Trading 1.3% Higher – Here’s What Happened

Corning Incorporated (NYSE:GLW) traded up 1.3% during trading on Thursday . The company traded as high as $146.33 and last traded at $146.00. 8,079,859 shares traded hands during trading, a decline of 36% from the average session volume of 12,615,259 shares. The stock had previously closed at $144.13.

Analyst Ratings Changes

GLW has been the topic of a number of research analyst reports. Citigroup decreased their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Bank of America boosted their price target on Corning from $223.00 to $243.00 and gave the company a “buy” rating in a research report on Monday, July 6th. Zacks Research lowered Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Finally, Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and dropped their target price for the stock from $205.00 to $175.00 in a research report on Sunday, August 2nd. Ten research analysts have rated the stock with a Buy rating and six have issued 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 price target of $174.08.

Corning Trading Up 1.3%

The business’s 50-day moving average is $167.76 and its two-hundred day moving average is $165.16. 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 stock has a market capitalization of $125.76 billion, a PE ratio of 66.67, a PEG ratio of 1.86 and a beta of 1.16.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, analysts predict that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly 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 0.8%. Corning’s dividend payout ratio is 51.14%.

Insiders Place Their Bets

In related news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction 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 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 filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell Weeks sold 100,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. This represents a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently bought and sold shares of GLW. California State Teachers Retirement System increased its stake in shares of Corning by 26,791.0% in the second quarter. California State Teachers Retirement System now owns 308,768,637 shares of the electronics maker’s stock worth $78,868,773,000 after buying an additional 307,620,415 shares during the last quarter. Norges Bank acquired a new position in Corning during the 4th quarter worth $921,435,000. Bank of New York Mellon Corp acquired a new position in Corning during the 2nd quarter worth $1,510,911,000. Capital Research Global Investors increased its position in shares of Corning by 52.7% in the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Corning in the 2nd quarter valued at about $1,212,283,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.