Corning (NYSE:GLW) Stock Price Down 5.9% – Time to Sell?

Corning Incorporated (NYSE:GLW) shares were down 5.9% during mid-day trading on Wednesday. The stock traded as low as $115.40 and last traded at $118.7280. 13,765,365 shares changed hands 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 Analyst Weigh In

A number of brokerages have recently issued reports on GLW. Sanford C. Bernstein started coverage on Corning in a research note on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price objective on the stock. Oppenheimer cut their price objective on shares of Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, July 29th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating in a research report on Thursday. Wall Street Zen raised Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Mizuho decreased 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. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $175.81.

Corning Stock Performance

The firm has a market cap of $91.34 billion, a PE ratio of 42.93, a PEG ratio of 1.46 and a beta of 1.23. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.51. The company has a 50-day simple moving average of $144.47 and a two-hundred day simple moving average of $155.55.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.03 billion. During the same quarter in the prior year, the business earned $0.67 earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities research analysts forecast that Corning Incorporated will post 3.38 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio is presently 45.34%.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the firm’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 completion of the transaction, the executive vice president directly owned 15,052 shares in the company, valued at approximately $2,277,217.08. This trade represents a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of large investors have recently modified their holdings of the company. Aberdeen Group plc increased its holdings in shares of Corning by 14.4% during the 3rd quarter. Aberdeen Group plc now owns 744,513 shares of the electronics maker’s stock worth $114,476,000 after buying an additional 93,964 shares during the last quarter. EagleClaw Capital Managment LLC acquired a new position in Corning during the 3rd quarter worth approximately $5,822,000. PFC Capital Group Inc. raised its position in shares of Corning by 10.0% during the 3rd quarter. PFC Capital Group Inc. now owns 4,935 shares of the electronics maker’s stock worth $759,000 after acquiring an additional 450 shares in the last quarter. Allworth Financial LP boosted its stake in Corning by 13.8% in the third quarter. Allworth Financial LP now owns 41,280 shares of the electronics maker’s stock valued at $6,347,000 after acquiring an additional 4,996 shares in the last quarter. Finally, GKV Capital Management Co. Inc. raised its stake in Corning by 30.8% during the 3rd quarter. GKV Capital Management Co. Inc. now owns 30,801 shares of the electronics maker’s stock valued at $4,736,000 after acquiring an additional 7,246 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries.

Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.

Headquartered in Corning, New York, the company serves customers worldwide through operations and sales across multiple geographies.