Corning (NYSE:GLW) Trading Down 11.1% – Here’s What Happened

Shares of Corning Incorporated (NYSE:GLW) dropped 11.1% during mid-day trading on Thursday . The company traded as low as $193.54 and last traded at $196.1190. Approximately 21,082,241 shares were traded during trading, an increase of 62% from the average daily volume of 13,030,589 shares. The stock had previously closed at $220.63.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GLW. Weiss Ratings reissued a “buy (b-)” rating on shares of Corning in a report on Friday, May 15th. Oppenheimer boosted their price objective on shares of Corning from $120.00 to $210.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Zacks Research lowered shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Citigroup increased their target price on shares of Corning from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen downgraded Corning from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.46.

Corning Stock Down 0.3%

The firm has a market capitalization of $168.79 billion, a price-to-earnings ratio of 93.84, a price-to-earnings-growth ratio of 2.82 and a beta of 1.09. The business has a 50 day moving average of $190.59 and a 200 day moving average of $146.38. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.61 and a quick ratio of 1.06.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The firm had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The business’s revenue was up 18.1% compared to the same quarter last year. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. On average, equities analysts anticipate that Corning Incorporated will post 3.19 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s dividend payout ratio is 53.59%.

Insider Activity at Corning

In related news, VP John Z. Zhang sold 10,000 shares of the business’s stock in a transaction on 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 sale, the vice president owned 5,138 shares of the company’s stock, valued at $1,019,070.92. The trade was a 66.06% decrease in their position. The sale was disclosed in a 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 on Friday, May 22nd. The stock was sold at an average price of $192.14, for a total value of $5,263,675.30. Following the transaction, the senior vice president owned 94,400 shares of the company’s stock, valued at $18,138,016. This represents a 22.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 160,655 shares of company stock valued at $30,692,560. Corporate insiders own 0.25% of the company’s stock.

Institutional Investors Weigh In On Corning

Several large investors have recently made changes to their positions in GLW. Vanguard Group Inc. lifted its holdings in Corning by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker’s stock worth $8,693,247,000 after buying an additional 580,678 shares in the last quarter. State Street Corp increased its stake in shares of Corning by 1.2% in the 3rd quarter. State Street Corp now owns 37,008,856 shares of the electronics maker’s stock valued at $3,035,836,000 after buying an additional 439,883 shares during the period. Geode Capital Management LLC raised its position in shares of Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker’s stock worth $1,781,250,000 after acquiring an additional 517,067 shares during the last quarter. Capital Research Global Investors raised its position in shares of Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker’s stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker’s stock valued at $1,358,211,000 after acquiring an additional 3,848,540 shares during the period. Institutional investors 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.