Q2 2024 Earnings Forecast for Corning Incorporated (NYSE:GLW) Issued By Zacks Research

Corning Incorporated (NYSE:GLW) – Analysts at Zacks Research raised their Q2 2024 EPS estimates for Corning in a research report issued to clients and investors on Tuesday, May 21st. Zacks Research analyst R. Department now anticipates that the electronics maker will post earnings of $0.44 per share for the quarter, up from their previous forecast of $0.41. The consensus estimate for Corning’s current full-year earnings is $1.90 per share. Zacks Research also issued estimates for Corning’s Q3 2024 earnings at $0.52 EPS, Q4 2024 earnings at $0.54 EPS, FY2024 earnings at $1.88 EPS, Q1 2025 earnings at $0.47 EPS, Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $0.56 EPS, FY2025 earnings at $2.08 EPS and Q1 2026 earnings at $0.56 EPS.

GLW has been the subject of several other reports. JPMorgan Chase & Co. upped their price objective on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Morgan Stanley reissued an “overweight” rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Mizuho assumed coverage on shares of Corning in a report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 target price on the stock. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.00.

Corning Price Performance

Corning stock opened at $36.48 on Wednesday. The company has a market capitalization of $31.25 billion, a price-to-earnings ratio of 51.38, a PEG ratio of 1.71 and a beta of 1.07. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning has a 12 month low of $25.26 and a 12 month high of $36.80. The stock’s 50 day moving average is $32.85 and its 200-day moving average is $31.30.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business 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%. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 EPS.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 3.07%. Corning’s dividend payout ratio is currently 157.75%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’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 sale, the insider now owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, 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. Over the last quarter, insiders have sold 239,841 shares of company stock worth $7,971,257. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

Several hedge funds have recently bought and sold shares of the company. Cape Investment Advisory Inc. boosted its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the period. SRS Capital Advisors Inc. grew its position in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. Access Investment Management LLC bought a new position in Corning in the 1st quarter worth about $28,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Corning in the 4th quarter valued at about $31,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Corning by 347.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 823 shares during the last quarter. Hedge funds and other institutional investors own 69.80% 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.