Corning (NYSE:GLW) Stock Price Down 2% – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s share price was down 2% during mid-day trading on Wednesday . The stock traded as low as $155.85 and last traded at $156.6340. 8,593,747 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 13,122,510 shares. The stock had previously closed at $159.89.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on GLW shares. Weiss Ratings cut Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, July 24th. Truist Financial raised shares of Corning from a “hold” rating to a “buy” rating and lowered their price objective for the company from $205.00 to $175.00 in a research report on Sunday. UBS Group reiterated a “buy” rating and issued a $196.00 price objective on shares of Corning in a research note on Wednesday, July 29th. Mizuho decreased their target price on shares of Corning from $270.00 to $210.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Finally, Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

Corning Stock Up 5.4%

The company has a current ratio of 1.81, a quick ratio of 1.24 and a debt-to-equity ratio of 0.59. The business’s fifty day moving average price is $180.04 and its two-hundred day moving average price is $159.02. The firm has a market cap of $142.69 billion, a P/E ratio of 75.64, a P/E/G ratio of 2.01 and a beta of 1.14.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 11.20% and a return on equity of 20.09%. Corning’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior 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 3.27 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio (DPR) is currently 51.14%.

Insiders Place Their Bets

In related news, SVP Jaymin Amin sold 27,395 shares of Corning stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares in the company, valued at $18,138,016. This trade represents a 22.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP John Z. Zhang sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the sale, the vice president directly owned 5,138 shares in the company, valued at approximately $1,019,070.92. This represents a 66.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 160,655 shares of company stock valued at $30,692,560 in the last three months. Company insiders own 0.25% of the company’s stock.

Institutional Trading of Corning

Several hedge funds have recently added to or reduced their stakes in GLW. Occidental Asset Management LLC bought a new stake in Corning during the 2nd quarter valued at approximately $3,573,000. Dunhill Financial LLC bought a new position in Corning in the 2nd quarter worth approximately $109,000. Pallas Capital Advisors LLC acquired a new position in shares of Corning during the second quarter worth approximately $2,911,000. Performance Wealth Partners LLC acquired a new position in shares of Corning during the second quarter worth approximately $4,127,000. Finally, Deutsche Bank AG bought a new stake in shares of Corning in the second quarter valued at approximately $612,763,000. 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.