Corning (NYSE:GLW) Stock Price Down 7.7% – Here’s Why

Corning Incorporated (NYSE:GLW)’s share price dropped 7.7% during mid-day trading on Friday . The company traded as low as $191.81 and last traded at $192.18. Approximately 17,073,256 shares changed hands during trading, an increase of 42% from the average daily volume of 11,986,368 shares. The stock had previously closed at $208.28.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of recent analyst reports. Wolfe Research set a $130.00 target price on Corning and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Oppenheimer upped their target price on Corning from $120.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Fox Advisors cut Corning from an “overweight” rating to an “equal weight” rating in a research report on Thursday, January 29th. Susquehanna increased their price objective on Corning from $125.00 to $180.00 and gave the company a “positive” rating in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. increased their price objective on Corning from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $177.92.

Corning Stock Down 7.7%

The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $165.40 billion, a P/E ratio of 91.95, a PEG ratio of 2.96 and a beta of 1.14. The firm has a 50-day moving average price of $155.27 and a two-hundred day moving average price of $119.17.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. The business had revenue of $4.35 billion during the quarter, compared to analyst estimates of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.Corning’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities research analysts anticipate that Corning Incorporated will post 3.19 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, May 29th. Corning’s dividend payout ratio is presently 53.59%.

Insider Transactions at Corning

In other Corning news, VP John Z. Zhang sold 10,000 shares of the stock in a transaction on 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 transaction, the vice president directly owned 5,138 shares in the company, valued at $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $206.23, for a total value of $4,124,600.00. Following the transaction, the senior vice president owned 25,570 shares of the company’s stock, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 170,774 shares of company stock valued at $28,148,435. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Several large investors have recently made changes to their positions in the business. Weiss Asset Management LP bought a new stake in shares of Corning during the first quarter worth $12,604,000. Absolute Gestao de Investimentos Ltda. bought a new stake in shares of Corning during the first quarter worth $314,000. Vivaldi Capital Management LP bought a new stake in shares of Corning during the first quarter worth $314,000. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Corning by 319.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 129,476 shares of the electronics maker’s stock worth $17,605,000 after purchasing an additional 98,634 shares during the last quarter. Finally, Rockbridge Investment Management LCC bought a new stake in shares of Corning during the first quarter worth $217,000. Institutional investors own 69.80% of the company’s stock.

About Corning

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.