Corning (NYSE:GLW) Trading Down 2.6% - Time to Sell?

Key Points

• Corning shares fell 2.6% on Monday, trading as low as $172.43 before closing at $176.45 on volume below its recent average.
• Analyst sentiment remains generally positive, with 10 Buy ratings and 6 Hold ratings; the consensus view is a “Moderate Buy” and the average price target is $177.92, even though some firms recently trimmed or downgraded their views.
• Corning’s latest quarter showed better-than-expected earnings and revenue, and the company raised its Q2 guidance; it also announced a quarterly dividend of $0.28 per share, payable June 29.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price fell 2.6% on Monday . The company traded as low as $172.43 and last traded at $176.4460. 10,772,402 shares were traded during trading, a decline of 10% from the average session volume of 12,026,693 shares. The stock had previously closed at $181.16.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GLW. Citigroup upped their target price on shares of Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Corning in a research report on Friday, May 15th. JPMorgan Chase & Co. increased their price objective on shares of Corning from $175.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Morgan Stanley set a $180.00 price objective on shares of Corning in a research report on Friday, May 8th. Finally, Zacks Research lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $177.92.

Corning Trading Down 2.6%

The firm has a market cap of $151.86 billion, a PE ratio of 84.42, a P/E/G ratio of 2.59 and a beta of 1.15. 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 company's 50 day moving average price is $167.47 and its two-hundred day moving average price is $126.87.

Corning (NYSE:GLW - Get Free Report) last announced 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 net margin of 11.09% and a return on equity of 19.45%. The business had revenue of $4.35 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the prior year, the firm posted $0.54 earnings per share. 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. As a group, sell-side analysts forecast that Corning Incorporated will post 3.19 EPS for the current year.

Corning Dividend Announcement

The business 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. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio (DPR) is currently 53.59%.

Insider Activity at Corning

In related news, SVP Jaymin Amin sold 27,395 shares of the firm's stock in a transaction dated 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. This trade represents a 22.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of the firm's stock in a transaction dated 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 transaction, the vice president directly owned 5,138 shares in the company, valued at $1,019,070.92. This represents a 66.06% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 60,655 shares of company stock worth $12,046,561. 0.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Signature Equity Partners LLC increased its position in Corning by 19.3% during the 1st quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker's stock valued at $52,000 after purchasing an additional 62 shares during the period. Beirne Wealth Consulting Services LLC increased its position in Corning by 0.8% during the 1st quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker's stock valued at $1,094,000 after purchasing an additional 64 shares during the period. Balefire LLC increased its position in Corning by 0.7% during the 1st quarter. Balefire LLC now owns 9,595 shares of the electronics maker's stock valued at $1,305,000 after purchasing an additional 65 shares during the period. Millstone Evans Group LLC increased its position in Corning by 1.3% during the 1st quarter. Millstone Evans Group LLC now owns 5,393 shares of the electronics maker's stock valued at $733,000 after purchasing an additional 67 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in Corning by 1.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,585 shares of the electronics maker's stock valued at $623,000 after purchasing an additional 70 shares during the period. 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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