Corning (NYSE:GLW) Upgraded by UBS Group to “Buy” Rating

UBS Group upgraded shares of Corning (NYSE:GLW) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $84.00 target price on the electronics maker’s stock, up from their previous target price of $65.00.

A number of other equities analysts also recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Corning from $62.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. Citigroup boosted their price target on shares of Corning from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Morgan Stanley set a $56.00 price target on shares of Corning and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. Mizuho boosted their price target on shares of Corning from $63.00 to $74.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Finally, Barclays boosted their price target on shares of Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.75.

Corning Stock Performance

Shares of GLW stock opened at $68.43 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a fifty day moving average price of $59.50 and a 200 day moving average price of $51.31. The company has a market cap of $58.62 billion, a P/E ratio of 72.80, a PEG ratio of 1.50 and a beta of 1.09. Corning has a 12 month low of $37.31 and a 12 month high of $69.29.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s dividend payout ratio is presently 119.15%.

Insiders Place Their Bets

In other news, SVP Michael Paul O’day sold 14,879 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were 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 of the company’s stock, valued at approximately $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Edward A. Schlesinger sold 14,082 shares of the company’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $62.28, for a total transaction of $877,026.96. Following the completion of the sale, the chief financial officer directly owned 78,316 shares of the company’s stock, valued at $4,877,520.48. The trade was a 15.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 163,950 shares of company stock valued at $10,449,192. 0.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Total Investment Management Inc. purchased a new position in Corning during the second quarter worth about $28,000. Centaurus Financial Inc. raised its holdings in Corning by 2.2% during the second quarter. Centaurus Financial Inc. now owns 15,165 shares of the electronics maker’s stock worth $798,000 after purchasing an additional 327 shares in the last quarter. Orion Porfolio Solutions LLC raised its holdings in Corning by 28.7% during the second quarter. Orion Porfolio Solutions LLC now owns 111,809 shares of the electronics maker’s stock worth $5,880,000 after purchasing an additional 24,904 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Corning by 94.1% during the second quarter. Thrivent Financial for Lutherans now owns 61,568 shares of the electronics maker’s stock worth $3,238,000 after purchasing an additional 29,855 shares in the last quarter. Finally, MASTERINVEST Kapitalanlage GmbH purchased a new position in Corning during the second quarter worth about $2,361,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

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.