Corning (GLW) Scheduled to Post Earnings on Tuesday

Corning (NYSE:GLW) is scheduled to be releasing its earnings data before the market opens on Tuesday, April 30th. Analysts expect Corning to post earnings of $0.36 per share for the quarter. Corning has set its Q1 guidance at $0.32-0.38 EPS and its Q1 2024 guidance at 0.320-0.380 EPS.Parties interested in participating in the company’s conference call can do so using this link.

Corning (NYSE:GLW) last released its quarterly earnings results 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 net margin of 4.62% and a return on equity of 12.31%. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the prior year, the company earned $0.47 earnings per share. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Stock Down 0.1 %

GLW stock opened at $31.33 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. Corning has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a 50-day moving average of $32.28 and a two-hundred day moving average of $30.46. The stock has a market capitalization of $26.80 billion, a price-to-earnings ratio of 46.76, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of recent analyst reports. Barclays upped their price target 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. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research report on Thursday, February 1st. JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. Finally, Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. One equities research 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 data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $34.78.

Insider Buying and Selling

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares of the company’s stock, valued at $7,155,042.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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.