Corning (NYSE:GLW) Trading Down 4.6% - Here's What Happened

Key Points

• Corning shares fell 4.6% to $152.52 in mid-day trading, with the stock trading below both its 50-day and 200-day moving averages.
• Despite the sell-off, Corning exceeded quarterly expectations with $0.78 in EPS and $4.74 billion in revenue, representing 17.1% year-over-year growth; management guided for third-quarter EPS of $0.85–$0.89.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $174.08, while Corning also declared a quarterly dividend of $0.28 per share, yielding about 0.7% annually.

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) traded down 4.6% during mid-day trading on Wednesday . The company traded as low as $150.70 and last traded at $152.52. 10,559,944 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 12,917,043 shares. The stock had previously closed at $159.90.

Wall Street Analyst Weigh In

GLW has been the topic of several recent research reports. Barclays decreased their target price on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 29th. 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 report on Wednesday, July 29th. UBS Group restated a "buy" rating and set a $196.00 price target on shares of Corning in a research note on Wednesday, July 29th. Susquehanna lifted their price objective on Corning from $125.00 to $180.00 and gave the company a "positive" rating in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. lowered their price objective on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 29th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Trading Down 4.6%

The company has a 50-day simple moving average of $176.26 and a 200-day simple moving average of $162.76. 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 stock has a market cap of $131.38 billion, a P/E ratio of 69.64, a P/E/G ratio of 2.12 and a beta of 1.14.

Corning (NYSE:GLW - Get Free Report) last announced its 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. Corning had a return on equity of 20.09% and a net margin of 11.20%.The company had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. During the same quarter in the prior year, the business earned $0.60 earnings per share. The business's revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, sell-side analysts forecast that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Announces Dividend

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

Insider Transactions at Corning

In related news, SVP Jaymin Amin sold 27,395 shares of the firm's stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the completion of the transaction, the chief executive officer owned 908,353 shares of the company's stock, valued at $169,371,500.38. This trade represents a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.25% of the company's stock.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Corning by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after purchasing an additional 580,678 shares during the period. State Street Corp boosted its stake in shares of Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after purchasing an additional 439,883 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Corning by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after buying an additional 517,067 shares during the period. Bank of America Corp DE raised its stake in shares of Corning by 29.2% during the second quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock worth $4,784,361,000 after buying an additional 4,231,507 shares during the last quarter. Finally, Capital Research Global Investors boosted its position in shares of Corning by 52.7% in the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Institutional investors own 69.80% of the company's stock.

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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