Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. 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.

Corning Price Performance

Shares of GLW stock traded down $3.66 during trading hours on Tuesday, hitting $39.02. The company had a trading volume of 14,205,562 shares, compared to its average volume of 6,095,399. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The firm has a market capitalization of $33.43 billion, a price-to-earnings ratio of 53.97, a PEG ratio of 1.58 and a beta of 1.05. The firm’s fifty day moving average is $39.99 and its 200 day moving average is $35.03. 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 released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. On average, sell-side analysts predict that Corning will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

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 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 yield of 2.87%. Corning’s dividend payout ratio is 157.75%.

Analyst Upgrades and Downgrades

GLW has been the subject of several research reports. Susquehanna reissued a positive rating and issued a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Oppenheimer reissued an outperform rating and issued a $50.00 target price (up from $40.00) on shares of Corning in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lifted their target price on Corning from $47.00 to $55.00 and gave the company an overweight rating in a research note on Monday. Mizuho lifted their price objective on Corning from $36.00 to $42.00 and gave the stock a neutral rating in a research note on Tuesday, June 18th. Finally, Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the stock a buy rating in a research note on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $44.31.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Martin J. Curran sold 16,416 shares of Corning stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now owns 65,598 shares of the company’s stock, valued at $2,210,652.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is owned by insiders.

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.