Corning (NYSE:GLW) Stock Falls 5.1% - Here's What Happened

Key Points

• Corning shares fell 5.1% to about $140.89 in mid-day trading, with volume below the stock’s average daily level.
• Analyst sentiment remains broadly positive, with 13 Buy ratings and 7 Holds producing a “Moderate Buy” consensus and an average price target of $177.56, despite several recent target-price cuts.
• Corning recently exceeded quarterly earnings and revenue expectations, while maintaining a quarterly dividend of $0.28 per share, equivalent to a 0.8% annualized yield.

Corning Incorporated (NYSE:GLW - Get Free Report) dropped 5.1% on Wednesday. The company traded as low as $139.25 and last traded at $140.8930. 8,852,386 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 11,984,023 shares. The stock had previously closed at $148.54.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial lifted their price objective on shares of Corning from $175.00 to $182.00 and gave the company a "buy" rating in a research note on Friday, October 2nd. Bank of America dropped their target price on shares of Corning from $243.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. Morgan Stanley cut their target price on Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 29th. Mizuho dropped their target price on Corning from $210.00 to $180.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 15th. Finally, Weiss Ratings cut Corning from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, August 21st. Thirteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $177.56.

Corning Stock Performance

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 fifty day moving average of $155.55 and a two-hundred day moving average of $168.87. The company has a market cap of $121.36 billion, a price-to-earnings ratio of 64.33, a P/E/G ratio of 1.88 and a beta of 1.13.

Corning (NYSE:GLW - Get Free Report) last released 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. The business had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. The firm's revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Friday, November 13th. Corning's dividend payout ratio is currently 51.14%.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction on 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. This represents a 46.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.25% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GLW. First Citizens Bank & Trust Co. lifted its holdings in shares of Corning by 76.9% during the third quarter. First Citizens Bank & Trust Co. now owns 20,490 shares of the electronics maker's stock valued at $3,151,000 after purchasing an additional 8,905 shares in the last quarter. Focus Financial Network Inc. increased its position in shares of Corning by 3.5% during the 3rd quarter. Focus Financial Network Inc. now owns 10,869 shares of the electronics maker's stock valued at $1,671,000 after purchasing an additional 365 shares during the last quarter. Krilogy Financial LLC increased its holdings in Corning by 1.3% during the third quarter. Krilogy Financial LLC now owns 20,529 shares of the electronics maker's stock valued at $3,024,000 after buying an additional 260 shares during the last quarter. Fagan Associates Inc. boosted its stake in shares of Corning by 4.9% during the 3rd quarter. Fagan Associates Inc. now owns 1,825 shares of the electronics maker's stock worth $281,000 after acquiring an additional 85 shares during the last quarter. Finally, Lineweaver Wealth Advisors LLC raised its holdings in Corning by 4.1% in the 3rd quarter. Lineweaver Wealth Advisors LLC now owns 18,681 shares of the electronics maker's stock worth $2,872,000 after purchasing an additional 744 shares during the period. Hedge funds and other institutional investors own 69.80% of the company's stock.

Corning Company Profile

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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