Corning (NYSE:GLW) Shares Gap Down - Should You Sell?

Key Points

• Corning shares fell sharply: The stock opened at $161.65 versus a prior close of $173.21 and last traded near $164.82, down about 8.3%.
• Analyst sentiment remains moderately positive: Eleven analysts rate Corning a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of $174.08, though Barclays recently cut its target to $129.
• Fundamentals showed growth, but insiders sold shares: Corning exceeded quarterly earnings and revenue expectations, reported 17.1% year-over-year revenue growth, and declared a $0.28 quarterly dividend. However, the CEO and a senior vice president recently reduced their holdings through stock sales.

Corning Incorporated (NYSE:GLW - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $173.21, but opened at $161.65. Corning shares last traded at $164.8240, with a volume of 1,577,245 shares changing hands.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen lowered Corning from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Weiss Ratings upgraded Corning from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, August 7th. Barclays reduced their price target on Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Bank of America increased their price objective on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Finally, Susquehanna raised their price objective on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a research report on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Down 8.3%

The stock's 50 day simple moving average is $176.54 and its two-hundred day simple moving average is $162.37. The firm has a market cap of $136.86 billion, a P/E ratio of 72.88, a P/E/G ratio of 2.12 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS 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 analysts' expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.The business'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. As a group, research analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, August 31st. Corning's payout ratio is 51.14%.

Insiders Place Their Bets

In other news, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This represents a 9.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jaymin Amin sold 27,395 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares of the company's stock, valued at $18,138,016. The trade was a 22.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.25% of the company's stock.

Institutional Trading of Corning

Institutional investors and hedge funds have recently bought and sold shares of the company. Atwood & Palmer Inc. bought a new stake in shares of Corning during the second quarter valued at approximately $26,000. Burk Holdings LLC purchased a new position in Corning in the 2nd quarter worth approximately $53,000. Delos Wealth Advisors LLC bought a new position in Corning in the 2nd quarter valued at approximately $55,000. Aberdeen Wealth Management LLC bought a new position in Corning in the 2nd quarter valued at approximately $57,000. Finally, Caitlin John LLC purchased a new stake in Corning during the 2nd quarter valued at $64,000. 69.80% of the stock is currently owned by institutional investors.

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.

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