Corning (NYSE:GLW) Shares Down 6.1% – Time to Sell?

Corning Incorporated (NYSE:GLW) traded down 6.1% during trading on Monday. The stock traded as low as $145.76 and last traded at $147.1530. 7,969,449 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 12,023,652 shares. The stock had previously closed at $156.68.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Morgan Stanley decreased their price target on Corning from $180.00 to $165.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. Truist Financial increased their price target on shares of Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. Mizuho cut their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, September 15th. Barclays reduced their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Finally, Bank of America reduced their price objective on shares of Corning from $243.00 to $200.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and an average target price of $177.56.

Corning Stock Down 6.1%

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 cap of $126.76 billion, a PE ratio of 67.19, a P/E/G ratio of 2.00 and a beta of 1.13. The stock has a 50-day moving average of $155.77 and a 200-day moving average of $168.82.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%. The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same quarter last year, the company earned $0.60 earnings per share. The firm’s quarterly revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. Sell-side analysts predict that Corning Incorporated will post 3.28 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is 51.14%.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $151.29, for a total value of $1,981,899.00. Following the transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds have recently bought and sold shares of GLW. Sacks & Associates LLC bought a new position in shares of Corning in the 3rd quarter worth approximately $235,000. Oak Grove Capital LLC grew its position in Corning by 8.3% during the third quarter. Oak Grove Capital LLC now owns 2,600 shares of the electronics maker’s stock valued at $400,000 after buying an additional 200 shares during the period. Valley Wealth Managers Inc. grew its position in Corning by 2.0% during the third quarter. Valley Wealth Managers Inc. now owns 178,430 shares of the electronics maker’s stock valued at $27,435,000 after buying an additional 3,440 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI increased its holdings in Corning by 51.7% during the third quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 1,541 shares of the electronics maker’s stock valued at $237,000 after buying an additional 525 shares during the last quarter. Finally, Argus Investors Counsel Inc. increased its holdings in Corning by 10.4% during the third quarter. Argus Investors Counsel Inc. now owns 2,312 shares of the electronics maker’s stock valued at $355,000 after buying an additional 218 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

About Corning

Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.