Corning (NYSE:GLW) Shares Down 4.7% – What’s Next?

Shares of Corning Incorporated (NYSE:GLW) fell 4.7% during mid-day trading on Friday. The company traded as low as $131.63 and last traded at $131.9260. Approximately 7,690,698 shares were traded during trading, a decline of 36% from the average session volume of 11,957,389 shares. The stock had previously closed at $138.43.

Wall Street Analyst Weigh In

GLW has been the subject of a number of recent analyst reports. Morgan Stanley dropped their price objective on Corning from $180.00 to $165.00 and set an “equal weight” rating for the company in a report on Wednesday, July 29th. Oppenheimer cut their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Truist Financial increased their target price on Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research note on Friday, October 2nd. Barclays decreased their target price on Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Finally, Bank of America decreased their target price on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $177.56.

Corning Price Performance

The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The firm has a market capitalization of $113.64 billion, a P/E ratio of 60.24, a P/E/G ratio of 1.68 and a beta of 1.13. The stock’s 50 day simple moving average is $154.18 and its 200 day simple moving average is $168.66.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts expect that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 0.8%. Corning’s dividend payout ratio is 51.14%.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm’s 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 transaction, the executive vice president directly owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

Several hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in shares of Corning in the second quarter valued at about $1,510,911,000. State Street Corp lifted its stake in Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after acquiring an additional 4,845,027 shares during the period. Legal & General Group Plc purchased a new stake in Corning in the second quarter worth about $1,212,283,000. Wellington Management Group LLP lifted its stake in Corning by 50.9% in the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE grew its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after acquiring an additional 4,231,507 shares in the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.