Corning (NYSE:GLW) Shares Down 3.2% After Analyst Downgrade

Corning Incorporated (NYSE:GLW)’s share price was down 3.2% during mid-day trading on Tuesday after Sanford C. Bernstein lowered their price target on the stock from $140.00 to $120.00. Sanford C. Bernstein currently has a market perform rating on the stock. Corning traded as low as $110.12 and last traded at $112.2110. Approximately 7,244,454 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 11,889,854 shares. The stock had previously closed at $115.95.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group reaffirmed an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. Truist Financial reissued a “buy” rating and set a $175.00 target price (down from $182.00) on shares of Corning in a research report on Wednesday, October 28th. Zacks Research upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 28th. Barclays upped their target price on shares of Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 28th. Finally, Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.56.

Insider Activity at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atwood & Palmer Inc. bought a new stake in Corning in the second quarter valued at about $26,000. Rogco LP acquired a new stake in shares of Corning during the 2nd quarter valued at approximately $27,000. Western Pacific Wealth Management LP bought a new position in Corning during the third quarter worth $25,000. Kings Path Partners LLC bought a new position in Corning during the third quarter worth $25,000. Finally, Toth Financial Advisory Corp boosted its holdings in Corning by 130.7% in the third 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. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 3.2%

The stock has a market cap of $96.66 billion, a P/E ratio of 45.43, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The firm’s 50 day simple moving average is $143.82 and its two-hundred day simple moving average is $155.67. 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 posted its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share (EPS) for the quarter, topping 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 period last year, the firm posted $0.67 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts predict that Corning Incorporated will post 3.38 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given 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 1.0%. Corning’s dividend payout ratio (DPR) is currently 45.34%.

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.