Corning (NYSE:GLW) Shares Down 4.6% – What’s Next?

Corning Incorporated (NYSE:GLW) shares fell 4.6% during trading on Friday. The company traded as low as $110.56 and last traded at $113.9770. Approximately 6,693,989 shares changed hands during trading, a decline of 43% from the average daily volume of 11,845,467 shares. The stock had previously closed at $119.50.

Analyst Ratings Changes

Several research firms have recently commented on GLW. China Renaissance raised shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 target price for the company in a research report on Tuesday, September 8th. Citigroup reissued a “buy” rating on shares of Corning in a research note on Tuesday, October 27th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. Mizuho decreased their target price on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. Finally, Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $172.18.

Corning Stock Performance

The business’s fifty day moving average is $142.09 and its two-hundred day moving average is $156.01. The stock has a market capitalization of $98.18 billion, a PE ratio of 46.14, a price-to-earnings-growth ratio of 1.48 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 quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Corning’s revenue was up 18.9% on a year-over-year basis. As a group, research analysts anticipate that Corning Incorporated will post 3.38 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.0%. Corning’s dividend payout ratio (DPR) is presently 45.34%.

Insider Buying and Selling

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Several institutional investors have recently modified their holdings of the stock. Atwood & Palmer Inc. bought a new stake in Corning in the second quarter worth $26,000. Rogco LP bought a new stake in shares of Corning in the 2nd quarter worth about $27,000. Western Pacific Wealth Management LP bought a new stake in shares of Corning in the 3rd quarter worth about $25,000. Kings Path Partners LLC purchased a new position in shares of Corning during the 3rd quarter worth about $25,000. Finally, Toth Financial Advisory Corp boosted its stake in shares of Corning by 130.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 98 shares during the period. 69.80% of the stock is owned by institutional investors.

About Corning

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.