Shares of Corning Incorporated (NYSE:GLW – Get Free Report) fell 1.8% on Thursday. The company traded as low as $132.75 and last traded at $138.3150. Approximately 11,241,824 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 11,980,758 shares. The stock had previously closed at $140.89.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. Citigroup reduced their target price on Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Bank of America cut their price target on shares of Corning from $243.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. The Goldman Sachs Group reiterated an “outperform” rating on shares of Corning in a report on Tuesday, September 15th. Mizuho reduced their price objective on shares of Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 15th. Finally, Wall Street Zen upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $177.56.
View Our Latest Stock Analysis on GLW
Corning Stock Down 4.7%
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 capitalization of $113.64 billion, a P/E ratio of 60.24, a price-to-earnings-growth ratio of 1.76 and a beta of 1.13. The company has a 50-day moving average of $154.18 and a two-hundred day moving average of $168.66.
Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.02. The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.63 billion. Corning had a return on equity of 20.09% and a net margin of 11.20%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. On average, research analysts predict that Corning Incorporated will post 3.28 EPS 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 $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, November 13th. Corning’s dividend payout ratio (DPR) is presently 51.14%.
Insider Transactions at Corning
In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.25% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Corning
Institutional investors and hedge funds have recently made changes to their positions in the business. Western Pacific Wealth Management LP purchased a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. Atwood & Palmer Inc. purchased a new position in Corning during the second quarter valued at $26,000. Rogco LP purchased a new position in Corning during the second quarter valued at $27,000. Toth Financial Advisory Corp boosted its holdings in Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 98 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its holdings in Corning by 220.0% in the third quarter. Quintet Private Bank Europe S.A. now owns 240 shares of the electronics maker’s stock worth $37,000 after acquiring an additional 165 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.
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.
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