Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.500-0.540 for the period, compared to the consensus earnings per share estimate of 0.540. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.8 billion. Corning also updated its Q3 guidance to $0.50-0.54 EPS.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Susquehanna upped their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a positive rating in a report on Wednesday. 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 research report on Tuesday, July 9th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $47.00 to $55.00 and gave the company an overweight rating in a research report on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a hold rating to a buy rating and set a $46.00 target price for the company in a research report on Wednesday. Finally, Morgan Stanley reissued an equal weight rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $44.85.

Corning Stock Performance

Shares of NYSE GLW traded up $0.59 during midday trading on Wednesday, hitting $40.33. 6,137,979 shares of the company’s stock traded hands, compared to its average volume of 6,179,071. Corning has a 1 year low of $25.26 and a 1 year high of $46.39. 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 stock has a market capitalization of $34.55 billion, a price-to-earnings ratio of 56.32, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. The firm has a fifty day moving average of $40.06 and a 200 day moving average of $35.09.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. On average, analysts forecast that Corning will post 1.94 earnings per share for the current year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.78%. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’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 directly 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 can be accessed through the SEC website. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the business’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 directly 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 can be accessed through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $33.70, for a total transaction of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders have sold 145,229 shares of company stock worth $4,885,294 over the last quarter. 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.