Corning (NYSE:GLW) Shares Down 13.7% – What’s Next?

Corning Incorporated (NYSE:GLW)’s stock price was down 13.7% during mid-day trading on Monday . The company traded as low as $142.77 and last traded at $143.6270. 17,640,258 shares changed hands during trading, an increase of 41% from the average session volume of 12,522,823 shares. The stock had previously closed at $166.40.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on GLW shares. Oppenheimer lowered their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Bank of America lifted their target price on shares of Corning from $223.00 to $243.00 and gave the company a “buy” rating in a report on Monday, July 6th. JPMorgan Chase & Co. cut their price objective on shares of Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Morgan Stanley lowered their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 29th. Finally, Wall Street Zen cut shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, August 24th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $178.64.

Corning Trading Down 13.7%

The stock has a fifty day simple moving average of $158.62 and a 200 day simple moving average of $166.38. The firm has a market capitalization of $123.72 billion, a P/E ratio of 65.58, a PEG ratio of 2.13 and a beta of 1.16. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.02. The firm 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 business posted $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts forecast that Corning Incorporated will post 3.28 EPS for the current year.

Corning Dividend Announcement

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

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s 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 transaction, the executive vice president owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Several hedge funds have recently bought and sold shares of 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 purchasing an additional 56 shares during the last quarter. Ares Financial Consulting LLC grew its position in Corning by 15.6% during the 2nd quarter. Ares Financial Consulting LLC now owns 444 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 60 shares during the last quarter. Signature Equity Partners LLC raised its holdings in shares of Corning by 19.3% in the first quarter. Signature Equity Partners LLC now owns 383 shares of the electronics maker’s stock worth $52,000 after buying an additional 62 shares during the last quarter. Beirne Wealth Consulting Services LLC raised its holdings in shares of 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 buying an additional 64 shares during the last quarter. Finally, Balefire LLC lifted its stake in shares of Corning by 0.7% during the first quarter. Balefire LLC now owns 9,595 shares of the electronics maker’s stock worth $1,305,000 after buying an additional 65 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 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.