Corning (NYSE:GLW) Shares Down 3.1% Following Analyst Downgrade

Key Points

• Corning shares fell 3.1% to approximately $145.20 after Wall Street Zen downgraded the stock from “buy” to “hold.” Trading volume was about 9.25 million shares.
• Analyst sentiment remains broadly positive but cautious: ten analysts rate Corning a “buy” and six rate it a “hold,” resulting in a “Moderate Buy” consensus and an average price target of $174.08 after several firms lowered their targets.
• Corning recently exceeded quarterly earnings and revenue expectations, with revenue up 17.1% year over year, and guided for third-quarter EPS of $0.85–$0.89. The company also declared a quarterly dividend of $0.28 per share, yielding about 0.8% annually.

Corning Incorporated (NYSE:GLW - Get Free Report) was down 3.1% during trading on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The stock traded as low as $141.63 and last traded at $145.1950. Approximately 9,252,510 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 12,834,106 shares. The stock had previously closed at $149.84.

Several other equities analysts also recently commented on the stock. Mizuho dropped their price target on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley reduced their price objective on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings cut Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday. Barclays cut their price target on Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. reduced their price target on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $174.08.

Insider Activity at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total value of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares in the company, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.25% of the company's stock.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Brighton Jones LLC lifted its position in Corning by 46.0% in the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in shares of Corning during the first quarter worth about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Corning by 9.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock worth $2,962,000 after purchasing an additional 5,522 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Corning in the 2nd quarter valued at about $401,000. Finally, Schnieders Capital Management LLC. purchased a new stake in shares of Corning in the 2nd quarter valued at about $266,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Trading Down 3.1%

The stock has a market capitalization of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. The business has a 50-day moving average of $174.83 and a 200-day moving average of $163.72.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm's revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts forecast that Corning Incorporated will post 3.27 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date is Monday, August 31st. This represents a $1.12 annualized dividend and a yield of 0.8%. Corning's dividend payout ratio is 51.14%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source