Corning (NYSE:GLW) Hits New 1-Year High – Here’s Why

Shares of Corning Incorporated (NYSE:GLW) hit a new 52-week high on Monday . The stock traded as high as $67.32 and last traded at $66.96, with a volume of 2189215 shares trading hands. The stock had previously closed at $65.77.

Wall Street Analyst Weigh In

GLW has been the subject of several recent research reports. Susquehanna reiterated a “positive” rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research report on Wednesday, July 30th. Argus reiterated a “buy” rating and issued a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. UBS Group boosted their price objective on Corning from $57.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen upgraded Corning from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.17.

Corning Stock Performance

The company has a market capitalization of $57.83 billion, a PE ratio of 71.81, a PEG ratio of 1.50 and a beta of 1.08. The company has a 50 day moving average of $57.82 and a two-hundred day moving average of $50.78. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same period in the prior year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. As a group, equities research analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s dividend payout ratio is presently 119.15%.

Insider Buying and Selling

In related news, CFO Edward A. Schlesinger sold 14,082 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.28, for a total value of $877,026.96. Following the sale, the chief financial officer directly owned 78,316 shares of the company’s stock, valued at $4,877,520.48. This represents a 15.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Paul O’day sold 14,879 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This trade represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 187,561 shares of company stock valued at $11,624,334 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

Several hedge funds have recently added to or reduced their stakes in GLW. Norges Bank bought a new stake in Corning in the second quarter worth $534,936,000. Polar Capital Holdings Plc bought a new stake in Corning in the fourth quarter worth $124,253,000. Amundi boosted its holdings in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after acquiring an additional 2,507,797 shares in the last quarter. Nuveen LLC bought a new stake in Corning in the first quarter worth $104,789,000. Finally, Kingstone Capital Partners Texas LLC bought a new stake in Corning in the second quarter worth $92,560,000. 69.80% of the stock is owned by institutional investors.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.