Corning (NYSE:GLW) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Corning (NYSE:GLW) announced its earnings results on Tuesday. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02, Briefing.com reports. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. Corning updated its Q2 guidance to $0.42-$0.46 EPS and its Q2 2024 guidance to 0.420-0.460 EPS.

Corning Stock Performance

Shares of GLW opened at $33.87 on Thursday. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.97 billion, a price-to-earnings ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07. The stock has a 50 day moving average of $32.32 and a 200 day moving average of $30.55. Corning has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. UBS Group upped their target price on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research note on Thursday, February 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Barclays upped their price target on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Corning has a consensus rating of “Hold” and a consensus price target of $34.89.

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.