Corning (NYSE:GLW) Trading Down 6.8% - Should You Sell?

Key Points

• Corning shares fell 6.8% on Monday, with heavy trading volume of 16.8 million shares, well above its daily average. The stock closed well below its prior finish after trading as low as $174.21.
• Analysts remain generally constructive: several firms recently raised price targets, and the consensus rating is still Moderate Buy with a target price of $177.92. Recent target hikes came from Citigroup, Oppenheimer, UBS, and Zacks Research.
• Corning’s latest quarter beat expectations, posting $0.70 EPS on $4.35 billion in revenue, and the company also announced a quarterly dividend of $0.28 per share. However, insiders have been selling stock recently, including two SVP transactions disclosed in May.

Corning Incorporated (NYSE:GLW - Get Free Report) shares were down 6.8% on Monday . The company traded as low as $174.21 and last traded at $178.7410. Approximately 16,834,282 shares were traded during mid-day trading, an increase of 40% from the average daily volume of 12,039,577 shares. The stock had previously closed at $191.81.

Analysts Set New Price Targets

GLW has been the subject of a number of research analyst reports. Citigroup lifted their price objective 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. Oppenheimer increased their price objective on shares of Corning from $120.00 to $210.00 and gave the company an "outperform" rating in a research report on Thursday, May 7th. Zacks Research upgraded shares of Corning from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. UBS Group lifted their target price on shares of Corning from $179.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Truist Financial increased their price target on shares of Corning from $125.00 to $149.00 and gave the company a "hold" rating in a report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.92.

Corning Stock Performance

The stock's 50-day simple moving average is $156.22 and its 200-day simple moving average is $119.90. The stock has a market cap of $153.83 billion, a price-to-earnings ratio of 85.52, a price-to-earnings-growth ratio of 2.74 and a beta of 1.14. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $4.35 billion during the quarter, compared to the consensus estimate of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm's quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. 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 business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Friday, May 29th. Corning's dividend payout ratio is 53.59%.

Insider Buying and Selling

In other Corning news, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $207.02, for a total transaction of $674,885.20. Following the completion of the transaction, the senior vice president directly owned 10,174 shares in the company, valued at approximately $2,106,221.48. This represents a 24.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 170,774 shares of company stock worth $28,148,435 over the last three months. Company insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GLW. Vanguard Group Inc. increased its stake 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 valued at $8,693,247,000 after purchasing an additional 580,678 shares during the last quarter. State Street Corp boosted its stake in Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after buying an additional 439,883 shares in the last quarter. Geode Capital Management LLC boosted its stake in Corning by 2.6% in 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 buying an additional 517,067 shares in the last quarter. Capital Research Global Investors grew its position in Corning by 52.7% in 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, Wellington Management Group LLP raised its stake in 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 in the last quarter. 69.80% of the stock is owned by institutional investors.

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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