Corning (NYSE:GLW) Issues Q2 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter earnings guidance on Tuesday. The company provided EPS guidance of $0.42-$0.46 for the period, compared to the consensus EPS 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 issued reports on GLW. Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. HSBC downgraded Corning from a hold rating to a reduce rating and set a $29.00 price target for the company. in a research report on Thursday, February 1st. Morgan Stanley reaffirmed an overweight rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the stock a neutral rating in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price target on Corning from $34.00 to $36.00 and gave the stock a neutral rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of Hold and a consensus target price of $34.78.

Corning Trading Up 1.5 %

Shares of Corning stock opened at $31.79 on Tuesday. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The stock has a market cap of $27.19 billion, a P/E ratio of 47.45, 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. The business’s 50 day moving average is $32.27 and its 200-day moving average is $30.49.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the business posted $0.47 EPS. The business’s revenue was down 12.1% compared to the same quarter last year. Equities research analysts predict that Corning will post 1.87 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.45% of the stock is owned by company 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.