Corning (NYSE:GLW) Releases Q2 2024 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.420-0.460 for the period, compared to the consensus 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.

Analysts Set New Price Targets

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

Corning Stock Up 5.2 %

GLW traded up $1.66 during trading hours on Tuesday, hitting $33.44. 8,430,650 shares of the company’s stock were exchanged, compared to its average volume of 4,728,306. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The firm has a 50 day moving average of $32.27 and a 200 day moving average of $30.49. The firm 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. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting analysts’ consensus estimates of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company’s revenue was down 12.1% on a year-over-year basis. During the same period last year, the firm posted $0.47 EPS. Analysts predict that Corning will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

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

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated 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 sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.45% of the stock is currently owned by 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.