Corning (NYSE:GLW) Stock Price Down 3.1% Following Analyst Downgrade

Corning Incorporated (NYSE:GLW) was down 3.1% during trading on Monday after Wall Street Zen downgraded the stock from a buy rating to a hold rating. The company traded as low as $141.63 and last traded at $145.1950. Approximately 9,252,510 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 12,834,106 shares. The stock had previously closed at $149.84.

Several other brokerages have also recently issued reports on GLW. JPMorgan Chase & Co. dropped their price target on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 29th. Oppenheimer cut their price target on Corning from $230.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, July 29th. Citigroup lowered their price objective on shares of Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Weiss Ratings downgraded shares of Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Finally, Zacks Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $174.08.

Insider Buying and Selling at Corning

In other news, CEO Wendell P. Weeks sold 100,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $186.46, for a total transaction of $18,646,000.00. Following the transaction, the chief executive officer directly owned 908,353 shares of the company’s stock, valued at $169,371,500.38. This represents a 9.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

Several institutional investors have recently modified their holdings of the company. Berbice Capital Management LLC purchased a new position in shares of Corning during the 4th quarter worth approximately $26,000. Basepoint Wealth LLC purchased a new stake in Corning in the 4th quarter valued at approximately $26,000. Atwood & Palmer Inc. acquired a new stake in Corning during the 2nd quarter valued at $26,000. Rogco LP acquired a new stake in Corning during the 2nd quarter valued at $27,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Corning during the fourth quarter worth $27,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

The company has a market capitalization of $125.07 billion, a price-to-earnings ratio of 66.30, a PEG ratio of 1.92 and a beta of 1.14. The stock has a fifty day moving average price of $174.83 and a two-hundred day moving average price of $163.72. The company has a quick ratio of 1.24, a current ratio of 1.81 and a debt-to-equity ratio of 0.59.

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. The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 EPS. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, analysts forecast that Corning Incorporated will post 3.27 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Monday, August 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, August 31st. Corning’s payout ratio is currently 51.14%.

About Corning

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.