Corning (GLW) Scheduled to Post Earnings on Tuesday

Corning (NYSE:GLW) is set to issue its quarterly earnings data before the market opens on Tuesday, July 30th. Analysts expect the company to announce earnings of $0.45 per share for the quarter. Corning has set its Q2 guidance at $0.42-$0.46 EPS and its Q2 2024 guidance at 0.420-0.460 EPS.Parties that are interested in participating in the company’s conference call can do so using this link.

Corning (NYSE:GLW) last released its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same quarter in the previous year, the company posted $0.41 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Trading Up 0.1 %

Corning stock opened at $42.85 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a 52 week low of $25.26 and a 52 week high of $46.39. The company has a market capitalization of $36.71 billion, a price-to-earnings ratio of 60.35, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. The stock has a 50-day moving average price of $39.85 and a 200 day moving average price of $34.94.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 157.75%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. 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 research report on Thursday, May 30th. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, Mizuho lifted their price target on Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Hold” and a consensus target price of $43.38.

Insider Transactions at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the transaction, the vice president now owns 65,598 shares in the company, valued at $2,210,652.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The stock was 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 disclosure for this sale can be found here. Insiders have sold 175,207 shares of company stock valued at $5,876,067 over the last ninety days. Insiders own 0.40% of the company’s stock.

Corning Company Profile

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.