Corning (NYSE:GLW) Stock Price Down 1% – What’s Next?

Corning Incorporated (NYSE:GLW)’s share price fell 1% during mid-day trading on Friday . The company traded as low as $148.05 and last traded at $149.91. 6,132,608 shares were traded during trading, a decline of 52% from the average daily volume of 12,852,668 shares. The stock had previously closed at $151.45.

Analyst Ratings Changes

Several research analysts recently issued reports on GLW shares. Wall Street Zen lowered shares of Corning from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 16th. Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Citigroup dropped their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Morgan Stanley cut their price objective on shares of Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Finally, Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and reduced their target price for the company from $205.00 to $175.00 in a research note on Sunday, August 2nd. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $174.08.

Corning Trading Down 1.0%

The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $129.13 billion, a P/E ratio of 68.45, a P/E/G ratio of 1.92 and a beta of 1.14. The firm’s 50-day moving average price is $174.83 and its 200 day moving average price is $163.35.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion for 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%. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, equities research analysts predict that Corning Incorporated will post 3.27 earnings per share for the current year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders 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 0.7%. The ex-dividend date is Monday, August 31st. Corning’s dividend payout ratio (DPR) is currently 51.14%.

Insider Activity

In related news, CEO Wendell P. Weeks sold 100,000 shares of Corning stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer owned 908,353 shares of the company’s stock, valued at $169,371,500.38. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Corning in the fourth quarter valued at about $921,435,000. Bank of New York Mellon Corp purchased a new position in Corning during the second quarter worth about $1,510,911,000. Capital Research Global Investors boosted its holdings in Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Legal & General Group Plc bought a new stake in Corning in the 2nd quarter worth about $1,212,283,000. Finally, Wellington Management Group LLP grew its position in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

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.