Corning (NYSE:GLW) Updates Q2 Earnings Guidance

Corning (NYSE:GLW) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.42-$0.46 for the period, compared to the consensus earnings per share estimate of $0.44. Corning also updated its Q2 2024 guidance to 0.420-0.460 EPS.

Corning Price Performance

Shares of NYSE GLW traded up $0.08 during mid-day trading on Thursday, hitting $33.56. 2,237,927 shares of the company’s stock traded hands, compared to its average volume of 4,814,826. The company’s 50-day moving average is $32.32 and its two-hundred day moving average is $30.55. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company has a market capitalization of $28.71 billion, a P/E ratio of 47.15, a PEG ratio of 1.85 and a beta of 1.07. Corning has a 1 year low of $25.26 and a 1 year high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company posted $0.41 EPS. The firm’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, equities analysts anticipate that Corning will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a $0.28 dividend. 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 3.34%. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Corning from a sell rating to a hold rating in a research note on Monday, April 1st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $36.00 to $37.00 and gave the company a neutral rating in a research note on Wednesday. Morgan Stanley reissued an overweight rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Barclays increased their target price on shares of Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. Finally, Susquehanna reissued a positive rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One investment 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’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $34.89.

Insiders Place Their Bets

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the firm’s 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 completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.