Corning (NYSE:GLW) Shares Down 5.9% – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s stock price fell 5.9% during trading on Wednesday. The stock traded as low as $115.40 and last traded at $118.7280. 13,765,365 shares traded hands during mid-day trading, an increase of 16% from the average session volume of 11,875,039 shares. The stock had previously closed at $126.14.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GLW. Bank of America reduced their target price on Corning from $243.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Truist Financial reiterated a “buy” rating and set a $175.00 price target (down from $182.00) on shares of Corning in a report on Wednesday, October 28th. Mizuho cut their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 15th. Sanford C. Bernstein began coverage on Corning in a research note on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 price objective for the company. Finally, UBS Group reduced their price objective on Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Price Performance

The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $146.97 and a 200 day moving average price of $155.31. The stock has a market cap of $102.27 billion, a PE ratio of 48.07, a PEG ratio of 1.52 and a beta of 1.23.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 27th. The electronics maker reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.03 billion. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 3.37 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 paid a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 annualized dividend and a yield of 0.9%. Corning’s dividend payout ratio (DPR) is currently 45.34%.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp purchased a new position in shares of Corning in the second quarter worth approximately $1,510,911,000. State Street Corp increased its holdings in 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 buying an additional 4,845,027 shares during the last quarter. Legal & General Group Plc purchased a new stake in Corning during the second quarter valued at approximately $1,212,283,000. Wellington Management Group LLP raised its position in Corning by 50.9% in the second 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 period. Finally, Bank of America Corp DE raised its position in Corning by 29.2% in the second 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 during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.