Corning (NYSE:GLW) Stock Price Down 9.1% - Here's What Happened

Key Points

• Corning shares fell 9.1% on Thursday, with heavy trading volume of about 17.6 million shares, after previously closing at $174.41.
• Despite the pullback, analysts remain broadly positive: several firms raised or reiterated price targets, and the stock still carries a Moderate Buy consensus with an average target of $194.69.
• Corning recently posted better-than-expected earnings and revenue for Q1, and it also announced a quarterly dividend of $0.28 per share to be paid on Sept. 29.

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) dropped 9.1% on Thursday . The company traded as low as $154.43 and last traded at $158.4980. Approximately 17,556,045 shares were traded during mid-day trading, an increase of 36% from the average daily volume of 12,862,210 shares. The stock had previously closed at $174.41.

Analysts Set New Price Targets

Several research firms have issued reports on GLW. Weiss Ratings reissued a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. UBS Group set a $243.00 target price on shares of Corning in a research report on Monday, July 6th. Citigroup lifted their price target on shares of Corning from $225.00 to $240.00 and gave the company a "buy" rating in a research note on Monday. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Bank of America increased their price objective on Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research note on Monday, July 6th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $194.69.

Corning Trading Down 9.1%

The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The stock's 50 day moving average is $193.94 and its two-hundred day moving average is $152.35. The company has a market capitalization of $136.41 billion, a PE ratio of 75.84, a price-to-earnings-growth ratio of 2.47 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last posted 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 net margin of 11.09% and a return on equity of 19.45%. The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the firm posted $0.54 EPS. The company'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. As a group, sell-side analysts predict that Corning Incorporated will post 3.18 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a dividend of $0.28 per share. 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 dividend payout ratio (DPR) is presently 53.59%.

Insider Buying and Selling

In other Corning news, SVP Michaune D. Tillman sold 3,260 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the sale, the senior vice president owned 10,174 shares in the company, valued at $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 100,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were 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 in the company, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 160,655 shares of company stock valued at $30,692,560 over the last ninety days. Company insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Corning by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after buying an additional 580,678 shares during the last quarter. State Street Corp raised its stake in shares of Corning by 1.2% during the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock worth $3,035,836,000 after acquiring an additional 439,883 shares in the last quarter. Geode Capital Management LLC lifted its position in Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Capital Research Global Investors lifted its position in Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after acquiring an additional 5,831,873 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Corning by 8.1% in the second quarter. Ameriprise Financial Inc. now owns 13,763,148 shares of the electronics maker's stock valued at $724,432,000 after acquiring an additional 1,036,988 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

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.

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