Corning (NYSE:GLW) Issues Q3 2022 Earnings Guidance

Corning (NYSE:GLWGet Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $0.51-$0.55 for the period, compared to the consensus EPS estimate of $0.60. The company issued revenue guidance of $3.65 billion-$3.85 billion, compared to the consensus revenue estimate of $3.90 billion. Corning also updated its FY 2022 guidance to EPS.

Corning Stock Down 1.9 %

NYSE GLW opened at $35.80 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.91 and a current ratio of 1.43. The company has a market capitalization of $30.26 billion, a P/E ratio of 15.36, a P/E/G ratio of 2.52 and a beta of 0.99. Corning has a one year low of $30.63 and a one year high of $43.47. The stock has a 50 day moving average price of $33.78 and a 200-day moving average price of $36.16.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. The firm had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 EPS. As a group, equities analysts predict that Corning will post 2.23 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 3.02%. Corning’s dividend payout ratio (DPR) is 46.35%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLW. Morgan Stanley reiterated a hold rating and set a $40.00 target price on shares of Corning in a research report on Thursday, April 14th. Citigroup downgraded Corning from a buy rating to a neutral rating and decreased their target price for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. UBS Group decreased their target price on Corning to $40.00 and set an outperform rating for the company in a research report on Wednesday, July 27th. Susquehanna Bancshares decreased their target price on Corning from $48.00 to $46.00 and set a positive rating for the company in a research report on Wednesday, July 27th. Finally, StockNews.com lowered Corning from a buy rating to a hold rating in a research note on Monday, August 1st. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $42.80.

Insider Buying and Selling at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of Corning stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares in the company, valued at $269,561.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.36% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

A number of large investors have recently modified their holdings of the business. International Assets Investment Management LLC acquired a new stake in shares of Corning during the first quarter worth about $212,000. Walleye Capital LLC acquired a new stake in shares of Corning during the first quarter worth about $217,000. qPULA Trading Management LP acquired a new stake in shares of Corning during the first quarter worth about $218,000. Fund Management at Engine No. 1 LLC acquired a new position in Corning in the first quarter valued at approximately $234,000. Finally, Enlightenment Research LLC acquired a new position in Corning in the first quarter valued at approximately $244,000. Hedge funds and other institutional investors own 68.71% of the company’s stock.

About Corning

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Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

See Also

Earnings History and Estimates for Corning (NYSE:GLW)

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