Corning (NYSE:GLW) Shares Down 3.5% – Here’s What Happened

Shares of Corning Incorporated (NYSE:GLW) traded down 3.5% on Wednesday. The company traded as low as $161.79 and last traded at $163.1160. Approximately 5,165,366 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 12,088,005 shares. The stock had previously closed at $168.97.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Citigroup decreased their price target on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research note on Wednesday, July 29th. Sanford C. Bernstein started coverage on shares of Corning in a report on Wednesday, September 30th. They issued a “market perform” rating and a $140.00 target price on the stock. The Goldman Sachs Group restated an “outperform” rating on shares of Corning in a research report on Tuesday, September 15th. UBS Group increased their price target on shares of Corning from $196.00 to $201.00 and gave the company a “buy” rating in a report on Monday. Finally, China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 price target for the company in a research report on Tuesday, September 8th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.87.

Corning Price 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 company has a market capitalization of $140.51 billion, a PE ratio of 74.48, a price-to-earnings-growth ratio of 2.03 and a beta of 1.13. The firm’s 50 day simple moving average is $154.28 and its 200 day simple moving average is $168.23.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The business’s revenue for the quarter was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Insider Transactions at Corning

In other Corning news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the transaction, the executive vice president owned 15,052 shares in the company, valued at $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in Corning in the 2nd quarter valued at $1,510,911,000. State Street Corp grew its holdings in shares of Corning by 13.4% in the second quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock worth $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Legal & General Group Plc purchased a new position in Corning in the 2nd quarter worth about $1,212,283,000. Wellington Management Group LLP increased its stake in Corning by 50.9% in the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after buying an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock valued at $4,784,361,000 after buying an additional 4,231,507 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Corning Company Profile

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.