Corning (NYSE:GLW) Trading 6.1% Higher After Dividend Announcement

Shares of Corning Incorporated (NYSE:GLW) traded up 6.1% during trading on Wednesday after the company announced a dividend. The stock traded as high as $217.09 and last traded at $205.9080. Approximately 19,036,090 shares changed hands during mid-day trading, an increase of 54% from the average session volume of 12,323,977 shares. The stock had previously closed at $194.07.

The newly announced dividend which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio (DPR) is 53.59%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GLW shares. Morgan Stanley set a $180.00 price objective on Corning in a research note on Friday, May 8th. Barclays lifted their price target on Corning from $149.00 to $180.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Citigroup upped their price objective on shares of Corning from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on shares of Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Finally, Bank of America lifted their price objective on shares of Corning from $155.00 to $186.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $182.62.

Corning Trading Down 4.1%

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The firm has a 50-day moving average of $183.60 and a 200-day moving average of $141.15. The firm has a market capitalization of $188.21 billion, a P/E ratio of 104.71, a price-to-earnings-growth ratio of 2.95 and a beta of 1.15.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts anticipate that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares in the company, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the transaction, the senior vice president directly owned 94,400 shares of the company’s stock, valued at approximately $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 160,655 shares of company stock worth $30,692,560. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Large investors have recently bought and sold shares of the company. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Corning in the third quarter worth $25,000. Berbice Capital Management LLC bought a new position in Corning in the fourth quarter worth $26,000. Basepoint Wealth LLC purchased a new position in Corning during the fourth quarter valued at $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Corning during the 4th quarter valued at $27,000. Finally, Litman Gregory Wealth Management LLC bought a new stake in shares of Corning during the 4th quarter valued at $31,000. 69.80% of the stock is owned by institutional investors.

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.