Corning (NYSE:GLW) Releases Earnings Results, Beats Expectations By $0.01 EPS

Corning (NYSE:GLW) released its quarterly earnings data on Tuesday. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01, Briefing.com reports. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. Corning updated its Q3 2024 guidance to 0.500-0.540 EPS and its Q3 guidance to $0.50-0.54 EPS.

Corning Price Performance

Corning stock traded up $0.27 on Wednesday, reaching $40.01. The company’s stock had a trading volume of 13,380,597 shares, compared to its average volume of 6,229,678. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market cap of $34.27 billion, a price-to-earnings ratio of 56.35, a PEG ratio of 1.58 and a beta of 1.05. The business’s fifty day moving average price is $40.13 and its 200 day moving average price is $35.13. Corning has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the transaction, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 145,229 shares of company stock valued at $4,885,294. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Susquehanna boosted their price objective on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and issued a $47.00 price target (down previously from $50.00) on shares of Corning in a research note on Wednesday. Finally, Citigroup boosted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.23.

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.