Corning (GLW) Scheduled to Post Earnings on Tuesday

Corning (NYSE:GLW) is scheduled to be releasing its earnings data before the market opens on Tuesday, April 30th. Analysts expect Corning to post earnings of $0.36 per share for the quarter. Corning has set its Q1 guidance at $0.32-0.38 EPS and its Q1 2024 guidance at 0.320-0.380 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Stock Performance

Shares of Corning stock opened at $31.33 on Friday. The company has a 50 day moving average of $32.28 and a 200-day moving average of $30.46. Corning has a 1-year low of $25.26 and a 1-year 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. The company has a market cap of $26.80 billion, a PE ratio of 46.76, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Susquehanna reaffirmed a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. UBS Group increased their price objective 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. Finally, JPMorgan Chase & Co. increased their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.78.

Insider Activity

In other 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.