Corning (NYSE:GLW) Shares Down 4.5% – Here’s Why

Corning Incorporated (NYSE:GLW) fell 4.5% during trading on Thursday . The company traded as low as $77.49 and last traded at $78.0350. 7,831,378 shares changed hands during mid-day trading, an increase of 24% from the average session volume of 6,313,140 shares. The stock had previously closed at $81.69.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Mizuho set a $97.00 price target on shares of Corning in a research report on Wednesday, October 29th. Barclays upped their target price on Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 29th. Citigroup upped their price objective on Corning from $93.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. UBS Group reaffirmed a “buy” rating and set a $109.00 price objective (up previously from $100.00) on shares of Corning in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their target price 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 analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.64.

Corning Stock Up 1.7%

The stock has a market cap of $68.05 billion, a price-to-earnings ratio of 50.23, a PEG ratio of 1.99 and a beta of 1.15. The business’s 50 day moving average is $83.93 and its 200-day moving average is $66.11. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.93 and a current ratio of 1.56.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Corning had a net margin of 9.16% and a return on equity of 18.12%. The business had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 20.9% on a year-over-year basis. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Stockholders of record on Friday, November 14th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, November 14th. Corning’s dividend payout ratio (DPR) is 70.89%.

Insider Transactions at Corning

In related news, EVP Lewis A. Steverson sold 23,142 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the completion of the sale, the executive vice president directly owned 17,575 shares in the company, valued at approximately $1,565,053.75. The trade was a 56.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of the firm’s stock in a transaction on 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 owned 88,722 shares in the company, valued at $6,847,563.96. The trade was a 16.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 173,856 shares of company stock valued at $15,456,476. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Large investors have recently made changes to their positions in the stock. CVA Family Office LLC increased its stake in shares of Corning by 10.3% in the 3rd quarter. CVA Family Office LLC now owns 1,190 shares of the electronics maker’s stock worth $98,000 after acquiring an additional 111 shares during the last quarter. Angeles Wealth Management LLC boosted its position in shares of Corning by 2.8% during the 3rd quarter. Angeles Wealth Management LLC now owns 4,242 shares of the electronics maker’s stock valued at $348,000 after acquiring an additional 116 shares during the last quarter. Vista Investment Partners LLC grew its holdings in shares of Corning by 1.3% in the third quarter. Vista Investment Partners LLC now owns 9,496 shares of the electronics maker’s stock valued at $779,000 after purchasing an additional 119 shares during the period. Sapient Capital LLC grew its holdings in shares of Corning by 2.2% in the third quarter. Sapient Capital LLC now owns 5,626 shares of the electronics maker’s stock valued at $452,000 after purchasing an additional 120 shares during the period. Finally, Sivia Capital Partners LLC increased its position in Corning by 1.6% during the third quarter. Sivia Capital Partners LLC now owns 7,740 shares of the electronics maker’s stock worth $635,000 after purchasing an additional 124 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.