Corning (NYSE:GLW) Issues Earnings Results

Corning (NYSE:GLW) released its earnings results on Tuesday. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01, Briefing.com reports. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. Corning updated its Q3 2024 guidance to 0.500-0.540 EPS and its Q3 guidance to $0.50-0.54 EPS.

Corning Trading Up 0.7 %

Shares of NYSE:GLW opened at $40.01 on Thursday. The company has a 50-day simple moving average of $40.13 and a 200 day simple moving average of $35.13. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.02 and a current ratio of 1.57. The company has a market capitalization of $34.27 billion, a P/E ratio of 56.35, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05. Corning has a 52-week low of $25.26 and a 52-week high of $46.39.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.80%. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Barclays increased their price objective on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Susquehanna increased their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.23.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Corning news, VP Martin J. Curran sold 16,416 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 132,683 shares of company stock worth $4,466,007 over the last three months. Insiders own 0.40% of the company’s stock.

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.