Corning (NYSE:GLW) Issues 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.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Susquehanna reaffirmed a positive rating and issued a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. Morgan Stanley reissued an overweight rating and set a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. HSBC lowered Corning from a hold rating to a reduce rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. Finally, StockNews.com raised shares of Corning from a sell rating to a hold rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $34.78.

Corning Stock Performance

Shares of GLW traded up $1.62 during trading hours on Tuesday, reaching $33.40. 6,945,093 shares of the company traded hands, compared to its average volume of 4,709,964. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The stock’s fifty day moving average is $32.27 and its 200 day moving average is $30.49. Corning has a 1-year low of $25.26 and a 1-year high of $36.01. The stock has a market cap of $28.57 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 announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.47 EPS. Equities research analysts anticipate 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. 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 was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insiders Place Their Bets

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 shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.45% of the company’s stock.

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.