Corning (NYSE:GLW) Releases Q2 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.42-$0.46 for the period, compared to the consensus estimate of $0.44. Corning also updated its Q2 2024 guidance to 0.420-0.460 EPS.

Analyst Upgrades and Downgrades

GLW has been the subject of several recent analyst reports. Morgan Stanley reiterated an overweight rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. JPMorgan Chase & Co. boosted their target price on shares of Corning from $34.00 to $36.00 and gave the company a neutral rating in a research note on Thursday, April 11th. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Susquehanna reissued a positive rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, Barclays upped their price objective on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $34.78.

Corning Stock Up 5.1 %

NYSE GLW traded up $1.62 during trading hours on Tuesday, hitting $33.40. The company had a trading volume of 6,945,093 shares, compared to its average volume of 4,709,964. The firm’s 50 day moving average is $32.27 and its 200 day moving average is $30.49. The company has a market capitalization of $28.57 billion, a price-to-earnings ratio of 49.73, a P/E/G ratio of 1.73 and a beta of 1.08. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.47 earnings per share. Sell-side analysts anticipate that Corning will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.35%. Corning’s dividend payout ratio is currently 167.16%.

Insider Transactions at Corning

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