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.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GLW. Morgan Stanley reiterated an overweight rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. JPMorgan Chase & Co. upped their price objective on shares of Corning from $36.00 to $37.00 and gave the company a neutral rating in a research note on Wednesday. Barclays increased their price objective on shares of Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Wednesday, January 31st. HSBC lowered shares of Corning from a hold rating to a reduce rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. Finally, UBS Group upped their price target on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $34.89.

Corning Stock Performance

GLW stock traded up $0.08 during midday trading on Thursday, reaching $33.56. 2,237,927 shares of the company’s stock traded hands, compared to its average volume of 4,814,826. The company has a 50-day moving average price of $32.32 and a two-hundred day moving average price of $30.55. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. Corning has a 52 week low of $25.26 and a 52 week high of $36.01. The firm has a market capitalization of $28.71 billion, a PE ratio of 47.15, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the firm posted $0.41 EPS. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, equities analysts anticipate that Corning will post 1.87 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 3.34%. Corning’s payout ratio is currently 157.75%.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

Corning Company Profile

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.