Corning Incorporated (NYSE:GLW – Get Free Report) shares dropped 9.1% during trading on Thursday . The stock traded as low as $154.43 and last traded at $158.4980. 17,556,045 shares changed hands during trading, an increase of 36% from the average daily volume of 12,862,210 shares. The stock had previously closed at $174.41.
Analysts Set New Price Targets
A number of analysts have recently weighed in on GLW shares. Barclays raised their price objective on Corning from $149.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Citigroup increased their price target on Corning from $225.00 to $240.00 and gave the company a “buy” rating in a research note on Monday. UBS Group set a $243.00 price target on Corning in a report on Monday, July 6th. Wall Street Zen lowered Corning from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Oppenheimer boosted their price target on Corning from $210.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $194.69.
Corning Stock Down 9.1%
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. Corning had a return on equity of 19.45% and a net margin of 11.09%.The firm’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. As a group, research analysts forecast that Corning Incorporated will post 3.18 earnings per share for the current fiscal year.
Corning Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.7%. Corning’s dividend payout ratio is currently 53.59%.
Insiders Place Their Bets
In other news, VP John Z. Zhang sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $198.34, for a total value of $1,983,400.00. Following the completion of the transaction, the vice president directly owned 5,138 shares in the company, valued at $1,019,070.92. This trade represents a 66.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Michaune D. Tillman sold 3,260 shares of Corning stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $207.02, for a total value of $674,885.20. Following the sale, the senior vice president directly owned 10,174 shares of the company’s stock, valued at $2,106,221.48. This trade represents a 24.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 160,655 shares of company stock valued at $30,692,560. Insiders own 0.25% of the company’s stock.
Institutional Trading of Corning
Several large investors have recently made changes to their positions in GLW. Trust Asset Management LLC raised its holdings in shares of Corning by 1.0% during the second quarter. Trust Asset Management LLC now owns 8,648 shares of the electronics maker’s stock worth $2,209,000 after purchasing an additional 85 shares during the last quarter. First Community Trust NA acquired a new position in Corning during the second quarter valued at $72,000. Regent Peak Wealth Advisors LLC boosted its holdings in Corning by 2.0% in the second quarter. Regent Peak Wealth Advisors LLC now owns 3,569 shares of the electronics maker’s stock valued at $912,000 after purchasing an additional 70 shares during the last quarter. Annex Advisory Services LLC purchased a new stake in Corning in the second quarter valued at $284,000. Finally, Tema ETFs LLC grew its position in Corning by 10.5% during the 2nd quarter. Tema ETFs LLC now owns 13,723 shares of the electronics maker’s stock worth $3,505,000 after purchasing an additional 1,305 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.
About Corning
Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.
Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.
Read More
- Five stocks we like better than Corning
- Why Abbott Laboratories Stock Is Suddenly Winning Back Wall Street
- Revving Up Returns: Big Banks Race Through the Rate Plateau
- Why Uber’s Biggest Deal Yet Could Unlock Its Next Growth Phase
- Why Microsoft Is Playing a Different AI Game Than Big Tech—and Cash Flow Is the Test
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.
