Corning (NYSE:GLW) Stock Price Down 10.2% – Here’s What Happened
by Amy Steele · The Cerbat GemShares of Corning Incorporated (NYSE:GLW – Get Free Report) traded down 10.2% during trading on Friday . The company traded as low as $174.30 and last traded at $177.5210. 15,596,059 shares changed hands during mid-day trading, an increase of 29% from the average session volume of 12,111,048 shares. The stock had previously closed at $197.70.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a report on Friday, May 15th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. UBS Group boosted their price objective on shares of Corning from $223.00 to $228.00 and gave the stock a “buy” rating in a report on Friday. Zacks Research lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Finally, Bank of America boosted their price objective on shares of Corning from $155.00 to $186.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.31.
View Our Latest Report on Corning
Corning Trading Down 10.2%
The stock has a market cap of $152.78 billion, a price-to-earnings ratio of 84.94, a price-to-earnings-growth ratio of 2.54 and a beta of 1.15. The firm’s 50 day moving average is $173.00 and its two-hundred day moving average is $130.26. The company has a quick ratio of 1.06, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.30 billion. Corning had a net margin of 11.09% and a return on equity of 19.45%. Corning’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Equities analysts anticipate that Corning Incorporated will post 3.19 EPS for the current year.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Friday, May 29th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 29th. This represents a $1.12 annualized dividend and a yield of 0.6%. Corning’s dividend payout ratio is 53.59%.
Insider Buying and Selling at Corning
In related news, SVP Soumya Seetharam sold 20,000 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the sale, the senior vice president owned 25,570 shares in the company, valued at $5,273,301.10. This represents a 43.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jaymin Amin sold 27,395 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $192.14, for a total transaction of $5,263,675.30. Following the sale, the senior vice president owned 94,400 shares in the company, valued at approximately $18,138,016. This trade represents a 22.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 60,655 shares of company stock worth $12,046,561 in the last ninety days. Insiders own 0.25% of the company’s stock.
Institutional Investors Weigh In On Corning
Large investors have recently made changes to their positions in the company. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Corning in the third quarter valued at approximately $25,000. Berbice Capital Management LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $26,000. Basepoint Wealth LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new position in shares of Corning in the fourth quarter worth $27,000. Finally, Litman Gregory Wealth Management LLC bought a new position in shares of Corning in the fourth quarter worth $31,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
Corning Company Profile
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.