Corning (NYSE:GLW) Shares Down 5.9% – Here’s What Happened

Corning Incorporated (NYSE:GLW)’s share price dropped 5.9% during trading on Wednesday. The company traded as low as $115.40 and last traded at $118.7280. Approximately 13,765,365 shares were traded during mid-day trading, an increase of 16% from the average daily volume of 11,875,039 shares. The stock had previously closed at $126.14.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GLW shares. Sanford C. Bernstein began coverage on Corning in a report on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price target for the company. UBS Group cut their price objective on Corning from $201.00 to $192.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Mizuho lowered their target price on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 15th. Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday, October 10th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus price target of $175.81.

Corning Stock Down 5.9%

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.72. The firm has a market capitalization of $102.27 billion, a PE ratio of 48.07, a PEG ratio of 1.52 and a beta of 1.23. The company has a fifty day moving average price of $146.97 and a 200-day moving average price of $155.31.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Corning had a net margin of 12.13% and a return on equity of 20.83%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.03 billion. During the same quarter in the previous year, the business posted $0.67 earnings per share. Corning’s quarterly revenue was up 18.9% on a year-over-year basis. As a group, analysts expect that Corning Incorporated will post 3.37 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.9%. Corning’s payout ratio is 45.34%.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the transaction, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares during the period. Bank of America Corp DE lifted its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. Wellington Management Group LLP boosted 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 valued at $3,365,084,000 after buying an additional 4,446,514 shares during the period. Bank of New York Mellon Corp purchased a new stake in Corning in the 2nd quarter valued at about $1,510,911,000. Finally, Legal & General Group Plc bought a new position in Corning in the 2nd quarter worth about $1,212,283,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated (NYSE: GLW) is a technology company that develops and manufactures specialty glass, ceramics and optical-fiber products. Its materials and engineering expertise support communications networks, consumer electronics, automotive systems, life sciences and other industrial applications.

The company’s products include optical fiber, cable and connectivity solutions used in telecommunications infrastructure; glass substrates for televisions, computer monitors and other displays; durable cover glass for mobile devices; emissions-control components for vehicles; laboratory glassware and consumables; and specialized glass and ceramic materials for scientific, industrial and semiconductor applications.

Founded in 1851 and headquartered in Corning, New York, the company serves customers through operations and facilities across North America, Europe, Asia and other international markets.