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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GLW. Morgan Stanley reiterated an overweight rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Barclays boosted their target price on shares of Corning from $28.00 to $35.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. Susquehanna restated a positive rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Finally, UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a neutral rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $34.78.

Corning Price Performance

Shares of GLW stock opened at $31.79 on Tuesday. The company has a market capitalization of $27.19 billion, a PE ratio of 47.45, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. The firm has a fifty day simple moving average of $32.27 and a 200-day simple moving average of $30.49. 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 has a twelve month low of $25.26 and a twelve month high of $36.01.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the prior year, the firm earned $0.47 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. Equities research analysts anticipate that Corning will post 1.87 earnings per share for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.52%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction 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 sale, the insider now directly owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.