Corning (NYSE:GLW) Updates Q2 2024 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.420-0.460 for the period, compared to the consensus earnings per share 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 $1.66 on Tuesday, reaching $33.44. The stock had a trading volume of 8,430,650 shares, compared to its average volume of 4,728,306. 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 12-month low of $25.26 and a 12-month high of $36.01. The business’s 50-day moving average price is $32.27 and its 200 day moving average price is $30.49. The stock has a market cap of $28.60 billion, a P/E ratio of 49.73, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08.

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

Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. UBS Group increased their price objective on Corning from $34.00 to $35.00 and gave the company a neutral rating in a research note on Monday, April 8th. StockNews.com raised Corning from a sell rating to a hold rating in a research note on Monday, April 1st. HSBC downgraded Corning from a hold rating to a reduce rating and set a $29.00 target price on the stock. in a research report on Thursday, February 1st. Morgan Stanley reiterated an overweight rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Finally, Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $34.78.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.45% of the stock is owned by insiders.

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.