Corning (GLW) Set to Announce Quarterly Earnings on Tuesday

Corning (NYSE:GLW) will release its earnings data before the market opens on Tuesday, July 30th. Analysts expect Corning to post earnings of $0.45 per share for the quarter. Corning has set its Q2 guidance at $0.42-$0.46 EPS and its Q2 2024 guidance at 0.420-0.460 EPS.Persons that are interested in participating in the company’s earnings conference call can do so using this link.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the business earned $0.41 EPS. The business’s revenue for the quarter was down 11.5% 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 Trading Up 0.1 %

NYSE:GLW opened at $42.85 on Monday. The stock has a market cap of $36.71 billion, a PE ratio of 60.35, a price-to-earnings-growth ratio of 1.58 and a beta of 1.05. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The stock’s 50-day moving average is $39.85 and its two-hundred day moving average is $34.94.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is presently 157.75%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GLW shares. Argus lifted their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Oppenheimer reiterated an “outperform” rating and set a $50.00 price target (up from $40.00) on shares of Corning in a report on Wednesday, July 10th. Finally, UBS Group increased their price objective on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.38.

Insider Buying and Selling

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders sold 175,207 shares of company stock valued at $5,876,067. Company 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.