Corning (NYSE:GLW) Shares Down 1.4% – Here’s Why

Shares of Corning Incorporated (NYSE:GLW) traded down 1.4% during mid-day trading on Wednesday . The company traded as low as $172.75 and last traded at $174.98. 11,009,053 shares were traded during trading, a decline of 9% from the average daily volume of 12,074,745 shares. The stock had previously closed at $177.42.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America lifted their price target on Corning from $155.00 to $186.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a report on Friday, May 15th. Truist Financial lifted their target price on Corning from $125.00 to $149.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Oppenheimer boosted their target price on Corning from $120.00 to $210.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley set a $180.00 price target on Corning in a research report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $178.31.

Corning Stock Up 0.2%

The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The firm’s 50 day simple moving average is $180.02 and its 200-day simple moving average is $136.84. The stock has a market capitalization of $168.06 billion, a price-to-earnings ratio of 93.44, a price-to-earnings-growth ratio of 2.51 and a beta of 1.15.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. The company had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities analysts expect that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning’s dividend payout ratio is 53.59%.

Insider Activity

In other news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the completion of the sale, the chief executive officer owned 908,353 shares of the company’s stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the completion of the transaction, the senior vice president directly owned 25,570 shares of the company’s stock, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 160,655 shares of company stock valued at $30,692,560. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Signature Equity Partners LLC increased its stake in shares of Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after purchasing an additional 62 shares during the last quarter. Beirne Wealth Consulting Services LLC lifted its stake in Corning by 0.8% in the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker’s stock valued at $1,094,000 after purchasing an additional 64 shares during the last quarter. Balefire LLC grew its holdings in Corning by 0.7% during the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after purchasing an additional 65 shares during the period. Millstone Evans Group LLC grew its holdings in Corning by 1.3% during the first quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker’s stock worth $733,000 after purchasing an additional 67 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in Corning by 1.6% during the first quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker’s stock worth $623,000 after buying an additional 70 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

About Corning

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.