Corning (NYSE:GLW) Trading Down 13.6% – Here’s Why

Corning Incorporated (NYSE:GLW) dropped 13.6% on Wednesday . The stock traded as low as $218.11 and last traded at $220.72. Approximately 22,058,585 shares were traded during mid-day trading, an increase of 70% from the average daily volume of 12,962,962 shares. The stock had previously closed at $255.43.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Susquehanna increased their price target on Corning from $125.00 to $180.00 and gave the company a “positive” rating in a report on Wednesday, April 29th. Barclays upped their target price on Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. increased their target price on Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Morgan Stanley set a $180.00 price objective on shares of Corning in a research report on Friday, May 8th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $186.46.

Corning Stock Performance

The company has a 50-day moving average of $188.32 and a 200-day moving average of $144.39. The firm has a market capitalization of $189.96 billion, a price-to-earnings ratio of 105.61, a price-to-earnings-growth ratio of 3.66 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities research analysts forecast that Corning Incorporated will post 3.19 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio (DPR) is 53.59%.

Insider Activity at Corning

In related news, SVP Soumya Seetharam sold 20,000 shares of Corning stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president directly owned 25,570 shares in the company, valued at $5,273,301.10. The trade was a 43.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Z. Zhang sold 10,000 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares of the company’s stock, valued at $1,019,070.92. The trade was a 66.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 160,655 shares of company stock valued at $30,692,560. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

Hedge funds have recently modified their holdings of the company. Capital Research Global Investors acquired a new position in Corning in the 3rd quarter valued at approximately $907,164,000. Norges Bank bought a new stake in shares of Corning in the 4th quarter valued at approximately $921,435,000. Wellington Management Group LLP increased its holdings in Corning by 30.3% in the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock worth $1,358,211,000 after buying an additional 3,848,540 shares during the last quarter. Polar Capital Holdings Plc increased its holdings in Corning by 141.2% in the third quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker’s stock worth $329,035,000 after buying an additional 2,348,125 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Corning by 102.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker’s stock valued at $399,505,000 after acquiring an additional 2,304,676 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.