Corning (NYSE:GLW) Updates Q2 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

GLW has been the topic of several research reports. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research note on Monday, April 8th. HSBC lowered shares of Corning from a hold rating to a reduce rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Finally, Morgan Stanley restated an overweight rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $34.89.

Corning Stock Performance

GLW stock traded up $0.15 during trading hours on Friday, hitting $33.72. 4,490,048 shares of the stock were exchanged, compared to its average volume of 4,846,409. The company has a 50-day simple moving average of $32.34 and a two-hundred day simple moving average of $30.57. The firm has a market capitalization of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.84 and a beta of 1.07. Corning has a 12 month low of $25.26 and a 12 month high of $36.01. 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 (NYSE:GLW) last issued its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the company earned $0.41 EPS. The business’s revenue was down 11.5% on a year-over-year basis. On average, analysts forecast that Corning will post 1.88 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Activity

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. In the last three months, insiders sold 119,988 shares of company stock worth $3,984,964. 0.40% of the stock is currently owned by company 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.