Corning (NYSE:GLW) Trading Down 2.1% Following Insider Selling

Key Points

• Corning shares fell 2.1% to $145.61 after EVP Lewis A. Steverson sold 13,100 shares for approximately $1.98 million, reducing his direct stake by 46.5%.
• Analysts maintain a generally positive outlook, with ten Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $174.08, despite several recent target-price or rating cuts.
• Corning reported quarterly revenue of $4.74 billion and earnings of $0.78 per share, beating estimates, while revenue increased 17.1% year over year; it also declared a quarterly dividend of $0.28 per share, yielding approximately 0.8%.

Corning Incorporated (NYSE:GLW - Get Free Report)'s stock price traded down 2.1% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $143.29 and last traded at $145.61. Approximately 10,424,751 shares changed hands during trading, a decline of 18% from the average daily volume of 12,669,406 shares. The stock had previously closed at $148.73.

Specifically, EVP Lewis A. Steverson sold 13,100 shares of the firm's stock in a transaction 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 sale, the executive vice president directly owned 15,052 shares of the company's stock, valued at $2,277,217.08. This trade represents a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

GLW has been the topic of several research analyst reports. Mizuho decreased their target price on Corning from $270.00 to $210.00 and set an "outperform" rating on the stock in a report on Wednesday, July 29th. Oppenheimer cut their price target on Corning from $230.00 to $200.00 and set an "outperform" rating for the company in a report on Wednesday, July 29th. Wall Street Zen downgraded shares of Corning from a "buy" rating to a "hold" rating in a research report on Monday, August 24th. Zacks Research downgraded shares of Corning from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Finally, Bank of America increased their price objective on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $174.08.

Corning Stock Down 2.1%

The business's fifty day simple moving average is $169.96 and its 200 day simple moving average is $164.98. The stock has a market cap of $125.43 billion, a price-to-earnings ratio of 66.49, a price-to-earnings-growth ratio of 1.91 and a beta of 1.14. The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59.

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 for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The firm's quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Equities analysts forecast that Corning Incorporated will post 3.27 earnings per share for the current fiscal year.

Corning Dividend Announcement

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

Hedge Funds Weigh In On Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alliance Wealth Advisors LLC raised its position in shares of Corning by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 4,045 shares of the electronics maker's stock valued at $1,033,000 after acquiring an additional 56 shares during the period. Ares Financial Consulting LLC increased its stake in Corning by 15.6% in the second quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker's stock valued at $113,000 after purchasing an additional 60 shares in the last quarter. Signature Equity Partners LLC increased its stake in Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker's stock valued at $52,000 after purchasing an additional 62 shares in the last quarter. Beirne Wealth Consulting Services LLC raised its holdings in Corning by 0.8% in the first quarter. Beirne Wealth Consulting Services LLC now owns 8,045 shares of the electronics maker's stock worth $1,094,000 after purchasing an additional 64 shares during the period. Finally, Balefire LLC raised its holdings in Corning by 0.7% in the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker's stock worth $1,305,000 after purchasing an additional 65 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Company Profile

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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