Corning (NYSE:GLW – Get Rating) issued an update on its second quarter 2022 earnings guidance on Friday morning. The company provided earnings per share guidance of $0.54-$0.59 for the period, compared to the consensus earnings per share estimate of $0.57. The company issued revenue guidance of $3.70 billion-$3.90 billion, compared to the consensus revenue estimate of $3.79 billion. Corning also updated its FY 2022 guidance to EPS.
Shares of NYSE GLW opened at $31.37 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.55 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $34.77 and a two-hundred day simple moving average of $37.11. The firm has a market cap of $26.50 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 2.23 and a beta of 0.92. Corning has a twelve month low of $30.95 and a twelve month high of $43.47.
Corning (NYSE:GLW – Get Rating) last announced its earnings results on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.04. Corning had a return on equity of 21.56% and a net margin of 13.05%. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts expect that Corning will post 2.36 earnings per share for the current year.
A number of brokerages have recently commented on GLW. StockNews.com upgraded Corning from a hold rating to a buy rating in a research note on Thursday. Barclays downgraded Corning from an overweight rating to an equal weight rating and lowered their target price for the stock from $53.00 to $38.00 in a research note on Wednesday, May 11th. The Goldman Sachs Group reaffirmed a buy rating and issued a $50.00 price target on shares of Corning in a report on Friday, March 11th. Morgan Stanley reaffirmed a hold rating and issued a $40.00 price target on shares of Corning in a report on Thursday, April 14th. Finally, Citigroup cut Corning from a buy rating to a neutral rating and reduced their target price for the company from $46.00 to $37.00 in a report on Monday, May 23rd. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus target price of $45.20.
In other news, VP Michael Alan Bell sold 12,529 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $36.24, for a total transaction of $454,050.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert P. France sold 2,190 shares of Corning stock in a transaction that occurred on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total value of $76,715.70. Following the transaction, the vice president now owns 30,000 shares of the company’s stock, valued at $1,050,900. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new position in Corning in the 1st quarter valued at about $217,000. EP Wealth Advisors LLC increased its stake in shares of Corning by 11.9% in the first quarter. EP Wealth Advisors LLC now owns 10,521 shares of the electronics maker’s stock valued at $388,000 after purchasing an additional 1,122 shares during the period. Toroso Investments LLC boosted its holdings in shares of Corning by 10.3% in the first quarter. Toroso Investments LLC now owns 51,941 shares of the electronics maker’s stock valued at $1,917,000 after acquiring an additional 4,870 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in Corning by 94.1% during the first quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 16,500 shares of the electronics maker’s stock worth $609,000 after buying an additional 8,000 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in Corning by 54.3% during the first quarter. Worldquant Millennium Advisors LLC now owns 443,010 shares of the electronics maker’s stock worth $16,351,000 after buying an additional 155,984 shares in the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.
Corning Company Profile (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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