Corning (NYSE:GLW) Shares Gap Down on Disappointing Earnings

Posted by on Oct 25th, 2023

Corning Incorporated (NYSE:GLW – Get Free Report)’s stock price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $26.93, but opened at $25.59. Corning shares last traded at $25.58, with a volume of 1,106,707 shares trading hands.

The electronics maker reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). Corning had a return on equity of 13.22% and a net margin of 4.72%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. The business’s revenue was down 9.0% on a year-over-year basis.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 17th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend is Thursday, November 16th. Corning’s payout ratio is 153.42%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GLW. StockNews.com began coverage on shares of Corning in a report on Thursday, October 5th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Corning from $38.00 to $37.00 in a report on Tuesday, October 3rd. Oppenheimer reaffirmed an “outperform” rating and set a $42.00 target price on shares of Corning in a report on Monday, July 31st. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a report on Thursday, October 12th. Finally, JPMorgan Chase & Co. lowered shares of Corning from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $43.00 to $36.00 in a report on Monday, October 9th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.40.

View Our Latest Stock Analysis on GLW

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after buying an additional 671,480 shares during the period. BlackRock Inc. boosted its stake in Corning by 5.2% during the second quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after buying an additional 2,872,992 shares during the period. State Street Corp boosted its stake in Corning by 2.2% during the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after buying an additional 686,278 shares during the period. Geode Capital Management LLC boosted its stake in Corning by 2.8% during the second quarter. Geode Capital Management LLC now owns 16,284,381 shares of the electronics maker’s stock worth $569,243,000 after buying an additional 445,852 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Corning by 4.9% during the first quarter. Ameriprise Financial Inc. now owns 15,953,780 shares of the electronics maker’s stock worth $563,232,000 after buying an additional 741,788 shares during the period. Hedge funds and other institutional investors own 67.74% of the company’s stock.

Corning Trading Down 0.3 %

The company has a market cap of $22.91 billion, a PE ratio of 36.79, a price-to-earnings-growth ratio of 2.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.65 and a quick ratio of 1.03. The company’s 50 day simple moving average is $30.64 and its two-hundred day simple moving average is $32.27.

About Corning

(Get Free Report)

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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