Corning Incorporated (NYSE:GLW) has received an average rating of “Moderate Buy” from analysts, with a target price set at $93.09. This assessment comes from a collective of fifteen analysts currently covering the company, according to MarketBeat.com. Among these experts, three have issued a hold rating, while eleven have given it a buy rating, and one has assigned a strong buy.
On October 29, 2023, Mizuho established a target price of $97.00 for Corning. On the same day, Susquehanna raised its target from $75.00 to $100.00, categorizing the stock as “positive.” In contrast, Wall Street Zen downgraded Corning’s rating from “strong buy” to “hold” on September 13, 2023. Oppenheimer also set a target price of $100.00 while rating the stock as “outperform.” Additionally, Weiss Ratings reaffirmed a “buy (B-)” rating for Corning, further solidifying its positive outlook.
Investor Activity and Stock Performance
Recent trading activity indicates significant interest from large investors in Corning. During the third quarter, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake valued at approximately $25,000. Similarly, Strengthening Families & Communities LLC invested around $27,000. Cornerstone Planning Group LLC expanded its holdings by 58.5%, now owning 336 shares worth about $30,000 following the acquisition of an additional 124 shares. Financial Management Professionals Inc. increased its position by 111.1%, now holding 380 shares valued at $31,000.
As of Friday, shares of Corning opened at $88.82, reflecting a slight decline of 0.2%. The company boasts a market capitalization of $76.15 billion, with a price-to-earnings ratio of 56.21 and a PEG ratio of 1.95. Over the past year, Corning’s stock has fluctuated, achieving a low of $37.31 and a high of $96.64. The 50-day moving average stands at $86.43, while the 200-day average is $73.70.
Quarterly Earnings and Dividend Declaration
Corning’s recent quarterly earnings report, announced on October 28, 2023, revealed earnings per share of $0.67, surpassing analysts’ expectations of $0.66. The company achieved a net margin of 9.16% and a return on equity of 18.12%. Revenue for the quarter reached $4.10 billion, although it fell short of the anticipated $4.24 billion. This marks a 20.9% increase in revenue compared to the same period last year.
Looking ahead, Corning has projected its Q4 2025 earnings guidance at $0.680 to $0.72 per share. Analysts forecast an annual EPS of 2.33 for the current financial year.
In addition, Corning recently announced a quarterly dividend of $0.28, which was distributed on December 12, 2023. Shareholders of record on November 14 received this dividend, representing an annualized amount of $1.12 and a yield of 1.3%. The company’s payout ratio stands at 70.89%.
Founded in Corning, New York, Corning Incorporated specializes in manufacturing specialty glass, ceramics, and related materials. The company supplies essential components across various industries, including consumer electronics, telecommunications, and life sciences. With a focus on materials science, Corning aims to deliver high-performance products that meet diverse market needs.
