Corning (NYSE:GLW) Stock Price Down 7.7% – Here’s Why

Corning Incorporated (NYSE:GLW) fell 7.7% during mid-day trading on Friday . The stock traded as low as $191.81 and last traded at $192.18. 17,073,256 shares changed hands during trading, an increase of 42% from the average session volume of 11,986,368 shares. The stock had previously closed at $208.28.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GLW. JPMorgan Chase & Co. boosted their price objective on Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Wolfe Research set a $130.00 price objective on Corning and gave the stock an “outperform” rating in a report on Tuesday, January 27th. UBS Group boosted their price objective on Corning from $179.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Morgan Stanley set a $180.00 price objective on Corning in a report on Friday, May 8th. Finally, Zacks Research upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $177.92.

Corning Trading Down 7.7%

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 simple moving average of $155.27 and a two-hundred day simple moving average of $119.17. The company has a market cap of $165.40 billion, a PE ratio of 91.95, a PEG ratio of 2.96 and a beta of 1.14.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Corning had a return on equity of 19.45% and a net margin of 11.09%.The company had revenue of $4.35 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the previous year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Sell-side analysts forecast that Corning Incorporated will post 3.19 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 29th. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. Corning’s payout ratio is presently 53.59%.

Insider Transactions at Corning

In other Corning news, CEO Wendell P. Weeks sold 137,514 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $155.37, for a total value of $21,365,550.18. Following the completion of the sale, the chief executive officer directly owned 750,585 shares of the company’s stock, valued at $116,618,391.45. The trade was a 15.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares of the company’s stock, valued at $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 170,774 shares of company stock worth $28,148,435. Corporate insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Large investors have recently added to or reduced their stakes in the business. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Corning in the third quarter worth approximately $25,000. Berbice Capital Management LLC bought a new stake in Corning in the fourth quarter worth approximately $26,000. Basepoint Wealth LLC bought a new stake in Corning during the fourth quarter worth approximately $26,000. Strengthening Families & Communities LLC bought a new stake in Corning during the third quarter worth approximately $27,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Corning during the fourth quarter worth approximately $27,000. 69.80% of the stock is owned by institutional investors.

About Corning

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.