Corning (NYSE:GLW) Updates Q2 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its second quarter 2024 earnings guidance on Tuesday morning. 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

Shares of Corning stock traded up $2.14 during trading on Tuesday, reaching $33.92. The company’s stock had a trading volume of 2,889,999 shares, compared to its average volume of 4,659,678. Corning has a one year low of $25.26 and a one year high of $36.01. The firm has a market cap of $29.01 billion, a price-to-earnings ratio of 50.33, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The business’s fifty day moving average price is $32.27 and its 200-day moving average price is $30.49. 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 (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 EPS. As a group, equities research analysts predict that Corning will post 1.87 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GLW. Barclays increased their target price 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. StockNews.com raised Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Morgan Stanley reaffirmed an overweight rating and issued a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Susquehanna restated a positive rating and issued a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, 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 research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Corning has an average rating of Hold and a consensus target price of $34.78.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.45% of the stock is currently owned by corporate 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.