Corning (NYSE:GLW) Shares Gap Down – What’s Next?

Corning Incorporated (NYSE:GLW)’s share price gapped down before the market opened on Monday . The stock had previously closed at $166.40, but opened at $150.65. Corning shares last traded at $151.5760, with a volume of 2,125,235 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have weighed in on GLW shares. Bank of America increased their target price on Corning from $223.00 to $243.00 and gave the company a “buy” rating in a report on Monday, July 6th. Zacks Research downgraded Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Citigroup reduced their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating for the company in a research report on Wednesday, July 29th. Oppenheimer lowered their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a report on Wednesday, July 29th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $178.64.

Corning Trading Down 12.1%

The company has a market capitalization of $125.96 billion, a P/E ratio of 67.12, a PEG ratio of 2.13 and a beta of 1.16. 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 stock has a fifty day moving average of $158.62 and a 200 day moving average of $166.38.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%.Corning’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. Corning’s payout ratio is 51.14%.

Insider Transactions at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value 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 approximately $2,277,217.08. This represents a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently modified their holdings of GLW. Brighton Jones LLC boosted its holdings in Corning by 46.0% in the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after buying an additional 2,114 shares during the period. Retirement Planning Co of New England Inc. purchased a new position in shares of Corning in the first quarter valued at about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Corning by 9.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock valued at $2,962,000 after acquiring an additional 5,522 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Corning in the second quarter valued at about $401,000. Finally, Schnieders Capital Management LLC. bought a new position in shares of Corning in the second quarter worth about $266,000. 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 that develops specialty glass, ceramics and optical fiber products. Founded in 1851 and headquartered in Corning, New York, the company combines expertise in glass science, ceramics science, optical physics and manufacturing to serve communications, consumer electronics, automotive, life sciences and other industrial markets.

Corning’s products include optical fiber, cable and hardware used in telecommunications networks; cover glass and other components for mobile devices, laptops and other electronics; display glass for televisions and computer monitors; emissions-control products for automobiles and trucks; laboratory vessels and equipment; and specialty glass and ceramic products for industrial, semiconductor and aerospace applications.

The company serves customers worldwide through manufacturing, research and commercial operations across North America, Europe and Asia.