Corning (NYSE:GLW) Trading Down 5.6% - Should You Sell?

Key Points

• Corning shares fell 5.6% on Tuesday, trading as low as $176.20 after closing at $187.88, with volume running above average.
• Analysts remain generally positive: Corning has a Moderate Buy consensus, with 10 Buy ratings and 6 Hold ratings, though some firms recently mixed in upgrades to price targets and one downgrade to Hold.
• The company reported strong quarterly results with EPS of $0.70 and revenue of $4.35 billion, both ahead of expectations, and it also announced a $0.28 quarterly dividend payable June 29.

Corning Incorporated (NYSE:GLW - Get Free Report)'s share price traded down 5.6% on Tuesday . The company traded as low as $176.20 and last traded at $177.3360. 13,344,104 shares were traded during mid-day trading, an increase of 11% from the average session volume of 12,049,365 shares. The stock had previously closed at $187.88.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays raised their price target on shares of Corning from $149.00 to $180.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Truist Financial boosted their target price on Corning from $125.00 to $149.00 and gave the stock a "hold" rating in a research report on Wednesday, April 29th. Wall Street Zen downgraded Corning from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. UBS Group boosted their target price on Corning from $223.00 to $228.00 and gave the stock a "buy" rating in a research report on Friday, June 5th. Finally, Citigroup boosted their target price on Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $178.31.

Corning Trading Down 5.6%

The company has a market cap of $152.62 billion, a P/E ratio of 84.85, a PEG ratio of 2.56 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $177.92 and a 200-day moving average price of $134.76.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $4.35 billion for the quarter, compared to analysts' expectations of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. Corning's quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. Corning's dividend payout ratio is 53.59%.

Insider Activity at Corning

In other news, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the completion of the sale, the senior vice president directly owned 94,400 shares in the company, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $18,646,000.00. Following the sale, the chief executive officer owned 908,353 shares of the company's stock, valued at approximately $169,371,500.38. This trade represents a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 160,655 shares of company stock valued at $30,692,561 over the last 90 days. 0.25% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corning

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted 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 buying an additional 580,678 shares during the last quarter. State Street Corp grew its stake in shares of Corning by 1.2% during the third 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 during the last quarter. Geode Capital Management LLC grew its stake in shares of Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock worth $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock worth $1,358,211,000 after acquiring an additional 3,848,540 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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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