Corning (NYSE:GLW) Shares Down 2.1% Following Insider Selling

Corning Incorporated (NYSE:GLW)’s stock price was down 2.1% on Tuesday after an insider sold shares in the company. The stock traded as low as $143.29 and last traded at $145.61. 10,424,751 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 12,669,406 shares. The stock had previously closed at $148.73.

Specifically, EVP Lewis A. 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 sale, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GLW shares. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Morgan Stanley dropped their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. UBS Group reiterated a “buy” rating and issued a $196.00 price objective on shares of Corning in a research report on Wednesday, July 29th. Finally, Bank of America increased their target price on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research note on Monday, July 6th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.08.

Corning Stock Performance

The stock’s 50-day moving average price is $169.96 and its 200 day moving average price is $164.98. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The firm has a market cap of $125.43 billion, a P/E ratio of 66.49, a price-to-earnings-growth ratio of 1.91 and a beta of 1.14.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts predict that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio is currently 51.14%.

Hedge Funds Weigh In On Corning

Several hedge funds have recently modified their holdings of GLW. California State Teachers Retirement System raised its holdings in Corning by 26,791.0% during the second quarter. California State Teachers Retirement System now owns 308,768,637 shares of the electronics maker’s stock worth $78,868,773,000 after acquiring an additional 307,620,415 shares in the last quarter. Norges Bank acquired a new position in Corning during the fourth quarter valued at approximately $921,435,000. Bank of New York Mellon Corp bought a new position in Corning in the second quarter valued at approximately $1,510,911,000. Capital Research Global Investors grew its stake in Corning by 52.7% in the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Corning during the 2nd quarter worth approximately $1,212,283,000. Institutional investors own 69.80% of the company’s stock.

Corning Company Profile

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.