Corning Incorporated (NYSE:GLW – Get Free Report)’s share price traded up 9.4% during trading on Monday. The stock traded as high as $116.45 and last traded at $116.0750. 9,367,968 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 11,917,106 shares. The stock had previously closed at $106.13.
Key Headlines Impacting Corning
These are some of the GLW headlines that stood out recently:
- Positive Sentiment: Corning has secured multibillion-dollar, long-term optical agreements with carriers including Verizon and AT&T, while expanding U.S. solar manufacturing. The developments bolster its position in AI infrastructure and domestic clean-energy supply chains. Article: How Investors May Respond To Corning (GLW) ETF Buying And AI Demand
- Positive Sentiment: U.S. funds recorded net inflows of about $47.6 million in Corning shares over five days, including buying by Capital Group ETFs—an indication of institutional interest. Article: Is Corning (GLW) Undervalued After Its 28% One Month Slide?
- Negative Sentiment: Despite the recent upward move, Corning has fallen 28.4% over the past month, according to one report. A broader retreat in the AI “picks-and-shovels” trade may also weigh on investor sentiment. Article: Corning to Caterpillar: The AI ‘picks and shovels’ trade caves in
Analysts Set New Price Targets
GLW has been the topic of a number of recent research reports. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 5th. Bank of America reduced their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Jefferies Financial Group assumed coverage on shares of Corning in a report on Wednesday. They set a “buy” rating and a $134.00 target price on the stock. Oppenheimer cut their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Finally, Citigroup reiterated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $172.18.
Get Our Latest Report on Corning
Corning Price Performance
The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The business’s 50-day simple moving average is $143.08 and its 200 day simple moving average is $155.76. The firm has a market capitalization of $103.85 billion, a P/E ratio of 48.81, a PEG ratio of 1.43 and a beta of 1.23.
Corning (NYSE:GLW – Get Free Report) last issued its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter last year, the company earned $0.67 EPS. The firm’s revenue was up 18.9% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.
Corning Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Corning’s payout ratio is presently 45.34%.
Insiders Place Their Bets
In other Corning news, EVP Lewis Steverson sold 13,100 shares of the 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 completion of the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.25% of the stock is owned by insiders.
Institutional Trading of Corning
Large investors have recently modified their holdings of the business. Alliance Wealth Advisors LLC lifted its stake in Corning by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker’s stock worth $1,033,000 after acquiring an additional 56 shares during the period. Ares Financial Consulting LLC boosted its position in Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock valued at $113,000 after acquiring an additional 60 shares in the last quarter. Signature Equity Partners LLC boosted its position in Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock valued at $52,000 after acquiring an additional 62 shares in the last quarter. Balefire LLC grew its holdings in shares of Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after acquiring an additional 65 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Corning by 1.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after acquiring an additional 70 shares during the period. 69.80% of the stock is owned by institutional investors.
About Corning
Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.
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