Corning (NYSE:GLW) Issues Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Corning (NYSE:GLW - Get Free Report) issued its earnings results on Tuesday. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.02, Briefing.com reports. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm's quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. Corning updated its Q2 guidance to $0.42-$0.46 EPS and its Q2 2024 guidance to 0.420-0.460 EPS.

Corning Price Performance

GLW stock traded up $0.10 during mid-day trading on Wednesday, reaching $33.48. The company's stock had a trading volume of 9,864,270 shares, compared to its average volume of 4,846,265. The stock has a market cap of $28.64 billion, a PE ratio of 50.33, a P/E/G ratio of 1.76 and a beta of 1.08. The company's 50 day moving average is $32.30 and its two-hundred day moving average is $30.53. Corning has a fifty-two week low of $25.26 and a fifty-two week 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.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. Corning's payout ratio is presently 167.16%.

Analysts Set New Price Targets

GLW has been the subject of a number of research reports. HSBC downgraded Corning from a "hold" rating to a "reduce" rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a report on Wednesday, January 31st. UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Monday, April 8th. Morgan Stanley reaffirmed an "overweight" rating and issued a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $36.00 to $37.00 and gave the company a "neutral" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Corning presently has a consensus rating of "Hold" and a consensus price target of $34.89.

Insider Activity

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning 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 transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.45% 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.