Q1 2024 Earnings Forecast for Corning Incorporated Issued By Zacks Research (NYSE:GLW)

Corning Incorporated (NYSE:GLWFree Report) – Stock analysts at Zacks Research reduced their Q1 2024 EPS estimates for Corning in a research note issued to investors on Monday, January 29th. Zacks Research analyst R. Department now anticipates that the electronics maker will post earnings of $0.36 per share for the quarter, down from their prior estimate of $0.37. The consensus estimate for Corning’s current full-year earnings is $1.70 per share. Zacks Research also issued estimates for Corning’s FY2024 earnings at $1.77 EPS and Q1 2025 earnings at $0.49 EPS.

Corning (NYSE:GLWGet Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a net margin of 4.50% and a return on equity of 12.73%. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.47 EPS.

Several other equities research analysts have also issued reports on GLW. Deutsche Bank Aktiengesellschaft lowered shares of Corning from a “buy” rating to a “hold” rating and lowered their price target for the company from $37.00 to $30.00 in a report on Wednesday, October 25th. Barclays lowered their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 25th. Morgan Stanley lowered their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. JPMorgan Chase & Co. lowered their target price on shares of Corning from $36.00 to $31.00 and set a “neutral” rating on the stock in a report on Wednesday, October 25th. Finally, UBS Group upped their target price on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.11.

Get Our Latest Analysis on Corning

Corning Trading Up 6.9 %

Shares of Corning stock opened at $33.30 on Tuesday. The firm has a market capitalization of $28.41 billion, a PE ratio of 49.38, a price-to-earnings-growth ratio of 10.47 and a beta of 1.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. The company’s fifty day moving average price is $29.84 and its two-hundred day moving average price is $30.37. Corning has a 52-week low of $25.26 and a 52-week high of $36.44.

Insider Buying and Selling at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $30.15, for a total transaction of $548,730.00. Following the transaction, the insider now directly owns 205,258 shares in the company, valued at approximately $6,188,528.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GLW. Peoples Bank KS acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $25,000. Janiczek Wealth Management LLC raised its position in shares of Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 571 shares during the period. Quarry LP acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $32,000. Finally, SRS Capital Advisors Inc. raised its position in shares of Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 652 shares during the period. 67.74% of the stock is currently owned by institutional investors and hedge funds.

Corning Company Profile

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Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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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Earnings History and Estimates for Corning (NYSE:GLW)

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