Corning (NYSE:GLW) Stock Price Down 13.1% – Here’s Why

Corning Incorporated (NYSE:GLW)’s stock price traded down 13.1% on Thursday. The stock traded as low as $101.83 and last traded at $103.2040. 21,375,392 shares traded hands during trading, an increase of 79% from the average session volume of 11,916,482 shares. The stock had previously closed at $118.77.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Mizuho lowered their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, September 15th. Zacks Research upgraded Corning from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 28th. Citigroup restated a “buy” rating on shares of Corning in a research report on Tuesday, October 27th. Weiss Ratings cut shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $175.00 target price (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $175.81.

Corning Price Performance

The stock has a fifty day moving average of $146.40 and a two-hundred day moving average of $155.44. The stock has a market cap of $88.90 billion, a price-to-earnings ratio of 41.78, a price-to-earnings-growth ratio of 1.55 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.03 billion. Corning had a return on equity of 20.83% and a net margin of 12.13%. Corning’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.67 earnings per share. On average, equities research analysts anticipate that Corning Incorporated will post 3.37 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Insider Activity

In related news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Turn8 Private Wealth Inc. acquired a new position in Corning during the third quarter worth $780,000. Moneco Advisors LLC boosted its position in Corning by 4.6% during the third quarter. Moneco Advisors LLC now owns 4,451 shares of the electronics maker’s stock worth $684,000 after purchasing an additional 194 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in Corning by 11.3% in the third quarter. Cornerstone Wealth Management LLC now owns 6,959 shares of the electronics maker’s stock valued at $1,070,000 after purchasing an additional 708 shares during the last quarter. Gables Capital Management Inc. grew its holdings in Corning by 24.7% in the third quarter. Gables Capital Management Inc. now owns 8,021 shares of the electronics maker’s stock valued at $1,233,000 after purchasing an additional 1,590 shares during the last quarter. Finally, Fingerlakes Wealth Management Inc. grew its holdings in Corning by 23.0% in the third quarter. Fingerlakes Wealth Management Inc. now owns 2,131 shares of the electronics maker’s stock valued at $328,000 after purchasing an additional 399 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

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.