Corning (NYSE:GLW) Shares Down 1.3% Following Insider Selling

Corning Incorporated (NYSE:GLW) traded down 1.3% during trading on Friday following insider selling activity. The stock traded as low as $87.91 and last traded at $89.0670. 7,396,909 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 6,271,743 shares. The stock had previously closed at $90.28.

Specifically, insider Eric S. Musser sold 100,000 shares of Corning stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $90.17, for a total value of $9,017,000.00. Following the completion of the transaction, the insider directly owned 44,926 shares in the company, valued at $4,050,977.42. The trade was a 69.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Stefan Becker sold 12,100 shares of Corning stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the completion of the transaction, the senior vice president owned 5,049 shares of the company’s stock, valued at approximately $460,872.72. The trade was a 70.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Citigroup lifted their target price on Corning from $93.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley set a $82.00 price objective on Corning in a research report on Wednesday. Oppenheimer set a $100.00 price objective on Corning and gave the stock an “outperform” rating in a research report on Wednesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Corning in a research report on Wednesday, October 8th. Finally, UBS Group boosted their price objective on Corning from $91.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.82.

Corning Stock Performance

The stock has a market cap of $76.30 billion, a P/E ratio of 56.37, a PEG ratio of 1.99 and a beta of 1.14. The company has a fifty day moving average of $79.77 and a 200 day moving average of $61.85. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 0.93.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The firm had revenue of $4.27 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the company earned $0.54 earnings per share. The firm’s quarterly revenue was up 20.9% compared to the same quarter last year. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. On average, equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 14th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.3%. Corning’s payout ratio is presently 70.89%.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. raised its holdings in Corning by 111.1% during the third quarter. Financial Management Professionals Inc. now owns 380 shares of the electronics maker’s stock worth $31,000 after purchasing an additional 200 shares in the last quarter. RMG Wealth Management LLC raised its holdings in Corning by 125.0% during the third quarter. RMG Wealth Management LLC now owns 450 shares of the electronics maker’s stock worth $38,000 after purchasing an additional 250 shares in the last quarter. Bayforest Capital Ltd bought a new stake in Corning during the third quarter worth approximately $39,000. Steigerwald Gordon & Koch Inc. bought a new position in shares of Corning in the third quarter valued at $42,000. Finally, REAP Financial Group LLC increased its holdings in shares of Corning by 191.5% in the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after buying an additional 339 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.