Corning Incorporated (NYSE:GLW – Get Free Report)’s share price shot up 4.9% during trading on Tuesday. The stock traded as high as $161.39 and last traded at $159.0910. 7,489,014 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 12,249,490 shares. The stock had previously closed at $151.59.
Corning News Roundup
Here are the key news stories impacting Corning this week:
- Positive Sentiment: Major AT&T contract: Corning will supply AT&T with fiber and cable under an agreement valued at more than $3 billion. The deal provides multiyear revenue visibility and supports AT&T’s network expansion as internet and AI-related data demand grows. AT&T signs over $3 billion fiber deal with Corning
- Positive Sentiment: Growth outlook strengthened: The agreement reinforces Corning’s position as a supplier to expanding broadband and data-center infrastructure. It follows the company’s latest quarterly results, which showed revenue up 17% year over year to $4.74 billion and adjusted earnings of $0.78 per share, above consensus estimates.
- Positive Sentiment: Sector rebound and momentum: Corning rose alongside other optics companies as investors recovered from the prior session’s selloff. Analysts and momentum screens continue to highlight the stock’s strong performance relative to computer and technology peers. Optics stocks rebound
- Neutral Sentiment: Valuation and targets: The average reported analyst price target is approximately $176.50, while a separate compilation cites a median target of $215. Corning’s elevated valuation means investors may require continued earnings growth to justify further gains.
- Negative Sentiment: Financing overhang remains: Corning’s previously disclosed at-the-market program, which could raise up to $2 billion through share sales, has raised dilution concerns. Recent insider selling may also temper sentiment, although those issues were overshadowed by the AT&T announcement. Corning dilution and AI growth analysis
Wall Street Analyst Weigh In
A number of research analysts have recently commented on GLW shares. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. JPMorgan Chase & Co. decreased their target price on Corning from $200.00 to $170.00 and set a “neutral” rating for the company in a report on Wednesday, July 29th. Citigroup cut 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. Finally, Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and dropped their target price for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $176.50.
Corning Price Performance
The stock has a market cap of $137.04 billion, a price-to-earnings ratio of 72.64, a PEG ratio of 2.00 and a beta of 1.16. The company has a 50 day simple moving average of $152.72 and a 200-day simple moving average of $166.94. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.
Corning (NYSE:GLW – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) 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 business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the prior year, the company posted $0.60 EPS. The business’s revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current fiscal year.
Insider Buying and Selling at Corning
In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.
Hedge Funds Weigh In On Corning
A number of large investors have recently bought and sold shares of GLW. QRG Capital Management Inc. grew its holdings in shares of Corning by 15.9% during the second quarter. QRG Capital Management Inc. now owns 130,887 shares of the electronics maker’s stock valued at $33,432,000 after purchasing an additional 17,955 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Corning by 22.9% during the second quarter. Envestnet Asset Management Inc. now owns 1,479,311 shares of the electronics maker’s stock worth $377,859,000 after acquiring an additional 275,874 shares during the last quarter. State Street Corp grew 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 acquiring an additional 4,845,027 shares during the last quarter. Wellington Altus USA Inc. lifted its position in Corning by 32.6% in the 2nd quarter. Wellington Altus USA Inc. now owns 427 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 105 shares during the last quarter. Finally, Reynders McVeigh Capital Management LLC acquired a new position in Corning during the 2nd quarter valued at about $295,000. Institutional investors own 69.80% of the company’s stock.
About Corning
Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.
Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.
Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.
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