Corning (NYSE:GLW) Shares Down 13.7% – Time to Sell?

Corning Incorporated (NYSE:GLW) dropped 13.7% on Monday . The stock traded as low as $142.77 and last traded at $143.6270. Approximately 17,640,258 shares were traded during mid-day trading, an increase of 41% from the average session volume of 12,522,823 shares. The stock had previously closed at $166.40.

Wall Street Analyst Weigh In

GLW has been the subject of a number of analyst reports. Mizuho cut their price target on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday. UBS Group reaffirmed a “buy” rating and set a $196.00 target price on shares of Corning in a research report on Wednesday, July 29th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Citigroup cut their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Finally, Oppenheimer reduced their target price on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.50.

Corning Stock Performance

The company’s 50-day moving average is $156.76 and its two-hundred day moving average is $166.21. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The company has a market cap of $123.42 billion, a P/E ratio of 65.43, a price-to-earnings-growth ratio of 1.83 and a beta of 1.16.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts predict that Corning Incorporated will post 3.28 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders 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 yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio (DPR) is currently 51.14%.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Large investors have recently modified their holdings of the business. Atwood & Palmer Inc. purchased a new stake in shares of Corning in the second quarter worth about $26,000. Rogco LP bought a new position in Corning in the 2nd quarter worth about $27,000. Cornerstone Financial Management LLC grew its position in shares of Corning by 63.3% during the 2nd quarter. Cornerstone Financial Management LLC now owns 196 shares of the electronics maker’s stock worth $50,000 after buying an additional 76 shares in the last quarter. First PREMIER Bank purchased a new stake in shares of Corning in the 2nd quarter worth approximately $51,000. Finally, Burk Holdings LLC bought a new stake in Corning during the 2nd quarter valued at $53,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated (NYSE: GLW) is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning’s products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.