Corning (NYSE:GLW - Get Free Report) updated its second quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.420-0.460 for the period, compared to the consensus earnings per share estimate of 0.440. The company issued revenue guidance of $3.4 billion-$3.4 billion, compared to the consensus revenue estimate of $3.3 billion. Corning also updated its Q2 guidance to $0.42-$0.46 EPS.
Corning Stock Up 5.0 %
GLW traded up $1.60 during midday trading on Tuesday, reaching $33.38. The company's stock had a trading volume of 12,892,630 shares, compared to its average volume of 4,785,781. 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 stock's 50-day moving average is $32.30 and its 200-day moving average is $30.53. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The firm has a market capitalization of $28.55 billion, a price-to-earnings ratio of 49.82, a PEG ratio of 1.73 and a beta of 1.08.
Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion during the quarter, compared to analysts' expectations of $3.26 billion. During the same quarter in the previous year, the business earned $0.47 earnings per share. The firm's quarterly revenue was down 12.1% compared to the same quarter last year. As a group, research analysts expect that Corning will post 1.87 EPS for the current year.
Corning Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning's payout ratio is 167.16%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Morgan Stanley reiterated an overweight rating and set a $35.00 price target on shares of Corning in a report on Monday, April 22nd. Barclays increased their price objective on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. HSBC lowered Corning from a hold rating to a reduce rating and set a $29.00 target price for the company. in a research report on Thursday, February 1st. StockNews.com raised shares of Corning from a sell rating to a hold rating in a report on Monday, April 1st. Finally, UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $34.78.
Get Our Latest Report on GLW
Insider Transactions at Corning
In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business's stock in a transaction dated 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 owns 215,254 shares of the company's stock, valued at $7,155,042.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.45% of the company's stock.
About Corning
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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.
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