Corning (NYSE:GLW) Issues Q2 2024 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.420-0.460 for the period, compared to the consensus EPS estimate of 0.440. The company issued revenue guidance of $3.4 billion-$3.4 billion, compared to the consensus revenue estimate of $3.3 billion. Corning also updated its Q2 guidance to $0.42-$0.46 EPS.

Corning Stock Performance

NYSE:GLW traded up $2.14 during midday trading on Tuesday, reaching $33.92. The stock had a trading volume of 2,889,999 shares, compared to its average volume of 4,659,678. The stock has a market cap of $29.01 billion, a P/E ratio of 50.33, a P/E/G ratio of 1.73 and a beta of 1.08. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The firm has a fifty day simple moving average of $32.27 and a two-hundred day simple moving average of $30.49.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, equities analysts expect that Corning will post 1.87 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Analysts Set New Price Targets

GLW has been the topic of a number of recent analyst reports. UBS Group upped their price objective on Corning from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday, April 8th. Morgan Stanley reiterated an overweight rating and issued a $35.00 price target on shares of Corning in a report on Monday, April 22nd. HSBC cut shares of Corning from a hold rating to a reduce rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. StockNews.com upgraded shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Corning from $34.00 to $36.00 and gave the company a neutral rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $34.78.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by insiders.

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.