Corning (NYSE:GLW) Stock Price Down 13.6% – Here’s What Happened

Shares of Corning Incorporated (NYSE:GLW) traded down 13.6% during mid-day trading on Wednesday . The company traded as low as $218.11 and last traded at $220.72. Approximately 22,058,585 shares traded hands during trading, an increase of 70% from the average session volume of 12,962,962 shares. The stock had previously closed at $255.43.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Zacks Research cut Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Truist Financial upped their target price on Corning from $149.00 to $205.00 and gave the company a “hold” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. raised their price target on Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. UBS Group lifted their price target on Corning from $223.00 to $228.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Morgan Stanley set a $180.00 price objective on shares of Corning in a research note on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.46.

Corning Price Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.06 and a current ratio of 1.61. The company has a 50-day moving average of $190.04 and a 200-day moving average of $146.03. The stock has a market capitalization of $168.79 billion, a price-to-earnings ratio of 93.84, a P/E/G ratio of 3.16 and a beta of 1.09.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. Corning’s quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, equities research analysts expect that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio (DPR) is currently 53.59%.

Insider Transactions at Corning

In related news, SVP Soumya Seetharam sold 20,000 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total value of $4,124,600.00. Following the completion of the transaction, the senior vice president owned 25,570 shares of the company’s stock, valued at approximately $5,273,301.10. The trade was a 43.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 160,655 shares of company stock worth $30,692,560 in the last ninety days. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds have recently bought and sold shares of GLW. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Corning during the third quarter worth $25,000. Berbice Capital Management LLC purchased a new stake in Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC purchased a new stake in Corning in the fourth quarter valued at approximately $26,000. Kemnay Advisory Services Inc. acquired a new position in Corning during the fourth quarter worth approximately $27,000. Finally, Litman Gregory Wealth Management LLC acquired a new position in Corning during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.