Corning (NYSE:GLW) Stock Price Down 3.5% - Here's What Happened

Key Points

• Corning shares fell 3.5% to about $163.12, with trading volume roughly 57% below the average session volume.
• Analyst sentiment remains positive overall, with 12 Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $174.87, despite several recent target cuts.
• Corning’s latest quarterly results exceeded expectations, with EPS of $0.78 versus $0.76 expected and revenue of $4.74 billion, up 17.1% year over year; institutional investors own 69.8% of the stock.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price traded down 3.5% on Wednesday. The company traded as low as $161.79 and last traded at $163.1160. Approximately 5,165,366 shares were traded during mid-day trading, a decline of 57% from the average session volume of 12,088,005 shares. The stock had previously closed at $168.97.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GLW. Truist Financial lifted their price target on shares of Corning from $175.00 to $182.00 and gave the stock a "buy" rating in a research note on Friday, October 2nd. Morgan Stanley dropped their target price on shares of Corning from $180.00 to $165.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Bank of America lifted their target price on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Barclays decreased their target price on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 29th. Finally, Weiss Ratings downgraded Corning from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 21st. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $174.87.

Corning Stock Down 3.5%

The company's 50-day simple moving average is $154.28 and its two-hundred day simple moving average is $168.23. The firm has a market capitalization of $140.51 billion, a P/E ratio of 74.48, a P/E/G ratio of 2.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.24.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the previous year, the firm posted $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. As a group, research analysts expect that Corning Incorporated will post 3.28 earnings per share for the current year.

Insider Buying and Selling at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of Corning during the second quarter valued at about $1,510,911,000. State Street Corp lifted its position in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker's stock worth $10,500,315,000 after buying an additional 4,845,027 shares in the last quarter. Legal & General Group Plc bought a new position in Corning during the second quarter valued at approximately $1,212,283,000. Wellington Management Group LLP boosted its stake in Corning by 50.9% during the second quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker's stock valued at $3,365,084,000 after buying an additional 4,446,514 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker's stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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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