Corning (NYSE:GLW) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Corning (NYSE:GLW) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on 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 upgraded Corning from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, August 7th. Citigroup dropped their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Susquehanna boosted their price objective on shares of Corning from $125.00 to $180.00 and gave the stock a “positive” rating in a research note on Wednesday, April 29th. Finally, Mizuho lowered their target price on shares of Corning from $270.00 to $210.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $174.08.

Corning Price Performance

GLW opened at $165.85 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. Corning has a 1 year low of $63.37 and a 1 year high of $271.78. The stock has a fifty day moving average price of $176.82 and a 200 day moving average price of $161.92. The stock has a market cap of $142.86 billion, a price-to-earnings ratio of 75.73, a PEG ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW) last announced 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. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Analysts forecast that Corning will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly 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 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is 51.14%.

Insider Transactions at Corning

In related news, CEO Wendell P. Weeks sold 100,000 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the sale, the chief executive officer owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their position. 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 on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares of the company’s stock, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is owned by company insiders.

Institutional Trading of Corning

Several hedge funds have recently modified their holdings of GLW. Brighton Jones LLC raised its stake in shares of Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after acquiring an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. bought a new stake in Corning during the 1st quarter worth approximately $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Corning by 9.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock valued at $2,962,000 after purchasing an additional 5,522 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Corning during the 2nd quarter valued at $401,000. Finally, Schnieders Capital Management LLC. bought a new position in Corning in the 2nd quarter valued at $266,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.