Corning (NYSE:GLW) Stock Falls 3.3% – Here’s Why

Corning Incorporated (NYSE:GLW) shares traded down 3.3% during trading on Monday. The stock traded as low as $149.26 and last traded at $151.50. Approximately 7,170,296 shares were traded during trading, a decline of 42% from the average session volume of 12,265,545 shares. The stock had previously closed at $156.74.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. UBS Group reiterated a “buy” rating and issued a $196.00 target price on shares of Corning in a report on Wednesday, July 29th. Bank of America increased their price target on Corning from $223.00 to $243.00 and gave the stock a “buy” rating in a research report on Monday, July 6th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and cut their price target for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Citigroup decreased their price objective on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Finally, Mizuho dropped their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Twelve research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.50.

Corning Stock Down 3.3%

The company has a market cap of $130.50 billion, a P/E ratio of 69.18, a P/E/G ratio of 2.00 and a beta of 1.16. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average is $152.75 and its 200 day moving average is $166.83.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. During the same quarter last year, the firm earned $0.60 EPS. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities analysts anticipate that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

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

Hedge Funds Weigh In On Corning

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position in shares of Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after buying an additional 4,845,027 shares during the last quarter. Bank of America Corp DE raised its stake in shares of 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. Capital Research Global Investors lifted its position in Corning by 52.7% during 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 acquiring an additional 5,831,873 shares during the last quarter. Wellington Management Group LLP lifted its position in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock valued at $3,365,084,000 after acquiring an additional 4,446,514 shares during the last quarter. Finally, Norges Bank acquired a new stake in Corning in the fourth quarter valued at approximately $921,435,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.