Corning (NYSE:GLW) Stock Price Down 2.8% – Here’s Why

Corning Incorporated (NYSE:GLW) shares dropped 2.8% during mid-day trading on Friday . The company traded as low as $83.33 and last traded at $85.4020. Approximately 7,268,517 shares traded hands during mid-day trading, an increase of 16% from the average daily volume of 6,268,104 shares. The stock had previously closed at $87.86.

Wall Street Analysts Forecast Growth

Several research analysts have commented on GLW shares. Barclays lifted their price objective on shares of Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. Argus boosted their target price on Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Oppenheimer set a $100.00 target price on Corning and gave the company an “outperform” rating in a research note on Wednesday, October 29th. UBS Group raised their price target on Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Morgan Stanley set a $82.00 price objective on Corning in a report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.82.

Corning Stock Performance

The firm has a 50 day moving average of $81.31 and a 200-day moving average of $63.11. The company has a market cap of $73.22 billion, a P/E ratio of 54.05, a PEG ratio of 1.99 and a beta of 1.15. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business had revenue of $4.27 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

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

Insiders Place Their Bets

In other news, SVP Stefan Becker sold 12,100 shares of the company’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the completion of the sale, the senior vice president owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. This represents a 70.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Edward A. Schlesinger sold 20,893 shares of Corning stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $91.25, for a total transaction of $1,906,486.25. Following the transaction, the chief financial officer directly owned 66,959 shares in the company, valued at approximately $6,110,008.75. The trade was a 23.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 173,856 shares of company stock worth $15,456,476. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently made changes to their positions in the stock. Fiera Capital Corp purchased a new position in Corning in the third quarter valued at about $410,000. King Luther Capital Management Corp boosted its holdings in shares of Corning by 18.3% in the 3rd quarter. King Luther Capital Management Corp now owns 50,384 shares of the electronics maker’s stock valued at $4,133,000 after buying an additional 7,780 shares in the last quarter. Avestar Capital LLC bought a new stake in shares of Corning in the 3rd quarter valued at about $415,000. Synovus Financial Corp grew its position in shares of Corning by 7.9% in the 3rd quarter. Synovus Financial Corp now owns 30,927 shares of the electronics maker’s stock worth $2,537,000 after buying an additional 2,253 shares during the last quarter. Finally, Bornite Capital Management LP bought a new position in shares of Corning during the 3rd quarter worth approximately $68,085,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Company Profile

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.