Corning (NYSE:GLW) Stock Jumps 2.3% – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s share price traded up 2.3% during mid-day trading on Tuesday. The company traded as high as $129.85 and last traded at $126.0480. 7,703,625 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 11,865,093 shares. The stock had previously closed at $123.20.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of analyst reports. Truist Financial restated a “buy” rating and issued a $175.00 price objective (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. Mizuho reduced their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Sanford C. Bernstein began coverage on shares of Corning in a report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 target price on the stock. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. Finally, Barclays increased their target price on shares of Corning from $129.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.81.

Corning Price Performance

The business has a 50 day simple moving average of $145.40 and a two-hundred day simple moving average of $155.48. The firm has a market capitalization of $88.90 billion, a P/E ratio of 38.19, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter last year, the company posted $0.67 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 1.1%. Corning’s payout ratio is presently 45.34%.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is currently owned by insiders.

Institutional Trading of Corning

Institutional investors and hedge funds have recently made changes to their positions in the stock. Western Pacific Wealth Management LP purchased a new position in shares of Corning in the third quarter valued at about $25,000. Kings Path Partners LLC bought a new position in shares of Corning in the third quarter worth about $25,000. Atwood & Palmer Inc. purchased a new stake in shares of Corning during the second quarter worth about $26,000. Rogco LP purchased a new stake in shares of Corning during the second quarter worth about $27,000. Finally, Toth Financial Advisory Corp raised its stake in Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 98 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.