Corning (NYSE:GLW) Shares Down 13.7% - What's Next?

Key Points

• Corning shares fell 13.7% to approximately $143.63, with trading volume 41% above the daily average. The stock is now below both its 50-day and 200-day moving averages.
• Analysts have broadly reduced their price targets, although the consensus remains a “Moderate Buy” with an average target of $178.64. Eleven analysts rate the stock a Buy, while six rate it a Hold.
• Corning reported better-than-expected quarterly results, including $0.78 EPS and $4.74 billion in revenue, up 17.1% year over year. The company maintained a quarterly dividend of $0.28 per share, representing a 0.8% yield.

Corning Incorporated (NYSE:GLW - Get Free Report) was down 13.7% on Monday . The company traded as low as $142.77 and last traded at $143.6270. 17,640,258 shares changed hands during mid-day trading, an increase of 41% from the average daily volume of 12,522,823 shares. The stock had previously closed at $166.40.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Corning from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 29th. Mizuho cut their target price on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley decreased their price target on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Weiss Ratings lowered shares of Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 21st. Finally, Oppenheimer decreased their price objective on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $178.64.

Corning Stock Performance

The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24. The stock has a fifty day simple moving average of $158.62 and a two-hundred day simple moving average of $166.38. The firm has a market capitalization of $123.72 billion, a P/E ratio of 65.58, a P/E/G ratio of 2.13 and a beta of 1.16.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.63 billion. During the same period in the prior year, the business earned $0.60 EPS. The company's revenue for the quarter was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts predict that Corning Incorporated will post 3.28 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning's dividend payout ratio is 51.14%.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the firm's stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares of the company's stock, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.25% of the company's stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently bought and sold shares of GLW. ABS Direct Equity Fund LLC purchased a new stake in shares of Corning during the second quarter valued at approximately $65,000. Sequoia Financial Advisors LLC lifted its stake in shares of Corning by 0.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 61,122 shares of the electronics maker's stock valued at $15,612,000 after buying an additional 449 shares in the last quarter. IPG Investment Advisors LLC grew its position in shares of Corning by 18.9% in the second quarter. IPG Investment Advisors LLC now owns 1,821 shares of the electronics maker's stock valued at $465,000 after purchasing an additional 290 shares in the last quarter. MCF Advisors LLC grew its holdings in Corning by 4.3% during the 2nd quarter. MCF Advisors LLC now owns 3,505 shares of the electronics maker's stock valued at $895,000 after buying an additional 143 shares in the last quarter. Finally, Arlington Capital Management Inc. bought a new stake in Corning during the second quarter valued at $300,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated NYSE: GLW is a global materials science and technology company that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning's products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.

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