Corning (NYSE:GLW) Shares Down 1.8% - What's Next?

Key Points

• Corning shares fell 1.8% to about $138.32, below both its 50-day and 200-day moving averages, amid trading volume slightly below average.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $177.56, although several firms recently reduced their targets.
• Corning reported quarterly revenue of $4.74 billion and EPS of $0.78, exceeding expectations, while revenue increased 17.1% year over year. The company also declared a quarterly dividend of $0.28 per share, yielding about 0.8%.

Corning Incorporated (NYSE:GLW - Get Free Report) shares were down 1.8% during trading on Thursday. The company traded as low as $132.75 and last traded at $138.3150. 11,241,824 shares were traded during mid-day trading, a decline of 6% from the average session volume of 11,980,758 shares. The stock had previously closed at $140.89.

Analyst Ratings Changes

GLW has been the topic of several analyst reports. Barclays dropped their target price on Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Wall Street Zen raised Corning from a "hold" rating to a "buy" rating in a report on Saturday, October 10th. Bank of America lowered their price objective on Corning from $243.00 to $200.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Mizuho dropped their price objective on shares of Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 15th. Finally, Citigroup cut their target price on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a report on Wednesday, July 29th. Thirteen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Corning has a consensus rating of "Moderate Buy" and an average target price of $177.56.

Corning Trading Down 1.8%

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 company has a 50 day moving average of $155.24 and a two-hundred day moving average of $168.91. The stock has a market cap of $119.14 billion, a PE ratio of 63.16, a price-to-earnings-growth ratio of 1.89 and a beta of 1.13.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share 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 company had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. During the same quarter in the prior year, the firm posted $0.60 EPS. Corning's quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts anticipate that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, November 13th. Corning's dividend payout ratio (DPR) is presently 51.14%.

Insider Activity

In other news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company's stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. lifted its holdings in Corning by 92.4% in the third quarter. Assenagon Asset Management S.A. now owns 1,184,005 shares of the electronics maker's stock valued at $182,053,000 after acquiring an additional 568,653 shares during the period. RDA Financial Network boosted its holdings in Corning by 15.2% during the third quarter. RDA Financial Network now owns 2,191 shares of the electronics maker's stock worth $337,000 after buying an additional 289 shares in the last quarter. Turtle Creek Wealth Advisors LLC grew its position in Corning by 6.0% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 3,627 shares of the electronics maker's stock worth $558,000 after buying an additional 205 shares during the period. WealthPlan Investment Management LLC grew its position in Corning by 22.1% during the third quarter. WealthPlan Investment Management LLC now owns 1,432 shares of the electronics maker's stock worth $220,000 after buying an additional 259 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its holdings in Corning by 11.8% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 2,062 shares of the electronics maker's stock valued at $317,000 after buying an additional 218 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated NYSE: GLW is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.

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