Corning (NYSE:GLW) Stock Falls 3.3% – Here’s Why

Shares of Corning Incorporated (NYSE:GLW) fell 3.3% during mid-day trading on Monday. The company traded as low as $149.26 and last traded at $151.50. 7,170,296 shares were traded during trading, a decline of 42% from the average session volume of 12,265,545 shares. The stock had previously closed at $156.74.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GLW. Mizuho lowered their price objective on Corning from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, September 15th. Truist Financial upgraded Corning from a “hold” rating to a “buy” rating and decreased their price target for the company from $205.00 to $175.00 in a report on Sunday, August 2nd. Oppenheimer lowered their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, July 29th. Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research report on Monday, August 24th. Finally, Barclays dropped their price objective on shares of Corning from $180.00 to $129.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 29th. Twelve investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $176.50.

Corning Stock Performance

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 business has a 50 day moving average price of $152.75 and a 200 day moving average price of $166.83. The stock has a market cap of $130.50 billion, a P/E ratio of 69.18, a PEG ratio of 2.00 and a beta of 1.16.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.02. Corning had a return on equity of 20.09% and a net margin of 11.20%.The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.63 billion. During the same period last year, the company earned $0.60 EPS. Corning’s quarterly revenue was up 17.1% compared to the same quarter last year. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, sell-side analysts expect that Corning Incorporated will post 3.28 EPS for the current year.

Insider Buying and Selling at Corning

In other news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction on 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 completion of the sale, the executive vice president directly owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% 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 this link. Company insiders own 0.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its position in Corning by 15.9% in the 2nd quarter. QRG Capital Management Inc. now owns 130,887 shares of the electronics maker’s stock valued at $33,432,000 after buying an additional 17,955 shares during the period. Envestnet Asset Management Inc. grew its stake in Corning by 22.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,479,311 shares of the electronics maker’s stock worth $377,859,000 after acquiring an additional 275,874 shares in the last quarter. State Street Corp increased its position in shares of Corning by 13.4% during the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after acquiring an additional 4,845,027 shares during the period. Wellington Altus USA Inc. increased its position in shares of Corning by 32.6% during the second quarter. Wellington Altus USA Inc. now owns 427 shares of the electronics maker’s stock worth $109,000 after acquiring an additional 105 shares during the period. Finally, Reynders McVeigh Capital Management LLC bought a new stake in shares of Corning during the second quarter valued at approximately $295,000. Hedge funds and other 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.