Shares of Corning Incorporated (NYSE:GLW – Get Free Report) gapped up before the market opened on Tuesday. The stock had previously closed at $151.59, but opened at $157.05. Corning shares last traded at $158.4880, with a volume of 2,898,129 shares traded.
Key Stories Impacting Corning
Here are the key news stories impacting Corning this week:
- Positive Sentiment: AT&T signed a multi-year agreement worth more than $3 billion to purchase Corning fiber and cable for network expansion. The contract provides significant revenue visibility and supports Corning’s strategy of benefiting from rising data and AI-related connectivity demand. AT&T signs over $3 billion fiber deal with Corning as data demand surges
- Positive Sentiment: Corning is participating in a broader rebound among optics and photonics stocks after the group’s prior selloff. The recovery suggests investors are again focusing on favorable long-term demand for optical connectivity and AI infrastructure. Lumentum Climbs as Optics Selloff Reverses
- Positive Sentiment: Recent analyst data remains supportive: the average reported price target is approximately $176.50, while a broader set of targets has a median of $215. Analysts continue to cite Corning’s growth prospects and momentum. Corning Stock Has Average Target Price of $176.50
- Neutral Sentiment: Momentum-focused coverage highlights Corning’s strong recent performance relative to parts of the computer and technology sector, but these articles provide limited new fundamental information. Why Corning Is a Strong Momentum Stock
- Negative Sentiment: Investors remain concerned that Corning’s authorization to sell up to $2 billion of common stock could dilute existing shareholders. The stock’s elevated valuation also leaves it vulnerable if growth expectations weaken.
- Negative Sentiment: Reported open-market insider activity has consisted of sales by several executives and no purchases in the past six months, a sentiment signal that may temper enthusiasm, though insider sales do not necessarily indicate a change in business outlook.
Wall Street Analysts Forecast Growth
GLW has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of 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 shares of Corning from a “hold” rating to a “buy” rating and lowered their price target for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. JPMorgan Chase & Co. dropped their price target on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings lowered Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Finally, The Goldman Sachs Group reissued an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $176.50.
Corning Trading Up 4.0%
The company has a market cap of $135.79 billion, a price-to-earnings ratio of 71.97, a price-to-earnings-growth ratio of 2.00 and a beta of 1.16. The company’s 50 day moving average price is $152.72 and its 200 day moving average price is $166.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data 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. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. Corning’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current year.
Insider Buying and Selling at Corning
In related news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The stock was 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 of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.25% of the company’s stock.
Hedge Funds Weigh In On Corning
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in Corning by 13.4% during the 2nd 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. Bank of America Corp DE increased its stake in shares of Corning by 29.2% in the second 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 during the period. Capital Research Global Investors lifted its position in shares of Corning by 52.7% during 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. Wellington Management Group LLP boosted 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 valued at $3,365,084,000 after purchasing an additional 4,446,514 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Corning by 16.5% in the 4th quarter. Bank of New York Mellon Corp now owns 6,765,011 shares of the electronics maker’s stock valued at $592,344,000 after buying an additional 957,838 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.
Corning Company Profile
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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