Corning (NYSE:GLW) Releases Q2 2024 Earnings Guidance

Corning (NYSE:GLW) updated its second quarter 2024 earnings guidance on Friday. The company provided earnings per share guidance of 0.460- for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GLW shares. Morgan Stanley raised their price objective on Corning from $38.00 to $39.00 and gave the stock an equal weight rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. upgraded Corning from a neutral rating to an overweight rating and lifted their price target for the company from $37.00 to $43.00 in a report on Thursday, May 30th. Bank of America increased their price objective on shares of Corning from $38.00 to $42.00 and gave the stock a buy rating in a report on Friday, June 14th. HSBC upgraded shares of Corning from a reduce rating to a hold rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Finally, Argus increased their price target on shares of Corning from $40.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Corning currently has an average rating of Hold and a consensus price target of $43.38.

Corning Stock Performance

Shares of NYSE:GLW opened at $44.31 on Monday. The company has a market cap of $37.96 billion, a P/E ratio of 62.41, a PEG ratio of 1.64 and a beta of 1.05. Corning has a one year low of $25.26 and a one year high of $46.39. The business’s 50-day simple moving average is $38.99 and its 200 day simple moving average is $34.49. 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 posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. On average, sell-side analysts forecast that Corning will post 1.94 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In related news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was 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 directly owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction that occurred on 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 completion of the transaction, the vice president now directly owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold a total of 175,207 shares of company stock worth $5,876,067 in the last 90 days. 0.40% of the stock is owned by corporate 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.