Corning (NYSE:GLW) Shares Down 1.9% – Here’s What Happened

Corning Incorporated (NYSE:GLW) fell 1.9% on Monday . The stock traded as low as $87.19 and last traded at $87.43. 4,932,536 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 6,265,704 shares. The stock had previously closed at $89.08.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. UBS Group lifted their target price on Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Corning in a research report on Wednesday, October 8th. Oppenheimer set a $100.00 target price on Corning and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Argus lifted their price target on shares of Corning from $68.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.82.

Corning Stock Performance

The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. The stock has a fifty day simple moving average of $79.77 and a 200-day simple moving average of $62.13. The company has a market capitalization of $74.89 billion, a P/E ratio of 55.34, a PEG ratio of 1.99 and a beta of 1.14.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a net margin of 9.16% and a return on equity of 18.12%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same quarter last year, the company posted $0.54 EPS. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. Equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.3%. Corning’s dividend payout ratio is 70.89%.

Insiders Place Their Bets

In other news, insider Eric S. Musser sold 100,000 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the sale, the insider owned 44,926 shares in the company, valued at approximately $4,050,977.42. This represents a 69.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jaymin Amin sold 17,721 shares of Corning stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president directly owned 88,722 shares of the company’s stock, valued at $6,847,563.96. This represents a 16.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 211,924 shares of company stock valued at $16,841,489. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Davis Investment Partners LLC acquired a new stake in Corning during the 2nd quarter worth $251,000. Central Pacific Bank Trust Division boosted its position in shares of Corning by 23.6% in the 2nd quarter. Central Pacific Bank Trust Division now owns 72,982 shares of the electronics maker’s stock worth $3,838,000 after purchasing an additional 13,920 shares during the last quarter. Motley Fool Asset Management LLC boosted its position in shares of Corning by 10.5% in the 2nd quarter. Motley Fool Asset Management LLC now owns 44,037 shares of the electronics maker’s stock worth $2,316,000 after purchasing an additional 4,183 shares during the last quarter. Strs Ohio acquired a new stake in shares of Corning during the first quarter worth $27,219,000. Finally, Acadian Asset Management LLC increased its holdings in Corning by 4,346.5% in the first quarter. Acadian Asset Management LLC now owns 153,984 shares of the electronics maker’s stock valued at $7,048,000 after purchasing an additional 150,521 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.