Corning (NYSE:GLW) Shares Down 3% – Here’s Why

Corning Incorporated (NYSE:GLW) shares dropped 3% during mid-day trading on Wednesday. The stock traded as low as $152.68 and last traded at $153.9950. 6,237,329 shares traded hands during trading, a decline of 49% from the average session volume of 12,218,017 shares. The stock had previously closed at $158.71.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLW. Sanford C. Bernstein started coverage on shares of Corning in a research note on Wednesday. They set a “market perform” rating and a $140.00 price target on the stock. Oppenheimer lowered their target price on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Wall Street Zen cut Corning from a “buy” rating to a “hold” rating in a research note on Monday, August 24th. Morgan Stanley lowered their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, China Renaissance upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $238.00 price target on the stock in a research report on Tuesday, September 8th. Twelve equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $174.07.

Corning Stock Performance

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 stock has a 50 day moving average price of $152.75 and a two-hundred day moving average price of $167.53. The company has a market cap of $138.25 billion, a P/E ratio of 73.29, a price-to-earnings-growth ratio of 1.96 and a beta of 1.13.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. The firm had revenue of $4.74 billion for the quarter, compared to analyst estimates 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 previous year, the firm posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Insider Transactions at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.25% of the stock is currently owned by insiders.

Institutional Trading of Corning

A number of large investors have recently added to or reduced their stakes in GLW. Bank of New York Mellon Corp purchased a new stake in shares of Corning in the second quarter valued at approximately $1,510,911,000. Capital Research Global Investors boosted its position in shares of Corning by 52.7% in the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares in the last quarter. State Street Corp increased its holdings in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after acquiring an additional 4,845,027 shares in the last quarter. Legal & General Group Plc acquired a new position in Corning during the 2nd quarter valued at approximately $1,212,283,000. Finally, Wellington Management Group LLP raised its stake in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after acquiring an additional 4,446,514 shares during the last quarter. 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.