Corning (NYSE:GLW) Issues Q2 2024 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 0.460- for the period, compared to the consensus EPS estimate of 0.460. The company issued revenue guidance of $3.6 billion-$3.6 billion, compared to the consensus revenue estimate of $3.5 billion.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent research reports. Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the company a buy rating in a report on Friday, July 12th. StockNews.com raised shares of Corning from a sell rating to a hold rating in a report on Monday, April 1st. Oppenheimer reaffirmed an outperform rating and issued a $50.00 target price (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. Morgan Stanley lifted their target price on shares of Corning from $38.00 to $39.00 and gave the company an equal weight rating in a report on Tuesday, July 9th. Finally, JPMorgan Chase & Co. raised shares of Corning from a neutral rating to an overweight rating and lifted their target price for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $43.38.

Corning Price Performance

Shares of NYSE GLW opened at $44.95 on Friday. The firm has a market capitalization of $38.51 billion, a P/E ratio of 63.37, a PEG ratio of 1.69 and a beta of 1.05. Corning has a one year low of $25.26 and a one year high of $46.39. The company’s fifty day moving average is $38.79 and its two-hundred day moving average is $34.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.41 EPS. Analysts forecast that Corning will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.49%. Corning’s dividend payout ratio is presently 157.75%.

Insider Buying and Selling

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the transaction, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock worth $5,876,067 in the last three months. Corporate insiders own 0.40% 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.