Corning (NYSE:GLW) Stock Price Down 6.1% – Here’s Why

Corning Incorporated (NYSE:GLW)’s stock price traded down 6.1% during trading on Monday. The stock traded as low as $145.76 and last traded at $147.1530. 7,969,449 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 12,023,652 shares. The stock had previously closed at $156.68.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GLW shares. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 21st. Sanford C. Bernstein began coverage on Corning in a report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price target for the company. The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Citigroup reduced their price target on Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Finally, Oppenheimer decreased their price objective on Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $177.56.

Corning Trading Down 6.1%

The firm has a market capitalization of $126.76 billion, a P/E ratio of 67.19, a price-to-earnings-growth ratio of 2.00 and a beta of 1.13. The stock’s 50-day simple moving average is $155.77 and its two-hundred day simple moving average is $168.82. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts expect that Corning Incorporated will post 3.28 EPS for the current year.

Corning Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 0.8%. Corning’s dividend payout ratio is currently 51.14%.

Insiders Place Their Bets

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on Friday, August 28th. The stock was 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 approximately $2,277,217.08. This represents a 46.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Institutional investors and hedge funds have recently bought and sold shares of the business. Sacks & Associates LLC bought a new position in Corning in the 3rd quarter worth approximately $235,000. Oak Grove Capital LLC lifted its holdings in shares of Corning by 8.3% in the third quarter. Oak Grove Capital LLC now owns 2,600 shares of the electronics maker’s stock worth $400,000 after buying an additional 200 shares in the last quarter. Valley Wealth Managers Inc. lifted its holdings in shares of Corning by 2.0% in the third quarter. Valley Wealth Managers Inc. now owns 178,430 shares of the electronics maker’s stock worth $27,435,000 after buying an additional 3,440 shares in the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI lifted its holdings in shares of Corning by 51.7% in the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 1,541 shares of the electronics maker’s stock worth $237,000 after buying an additional 525 shares in the last quarter. Finally, Argus Investors Counsel Inc. boosted its position in shares of Corning by 10.4% during the third quarter. Argus Investors Counsel Inc. now owns 2,312 shares of the electronics maker’s stock worth $355,000 after acquiring an additional 218 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

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.