Corning Incorporated (GLW), headquartered in Corning, New York, develops and manufactures specialty glass and ceramics. Valued at $31.08 billion by market cap, the company’s markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductors, and life sciences.
Shares of this leading innovator in materials science have underperformed the broader market over the past year. GLW has gained 15.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 28.9%. However, in 2024, GLW stock is up 19.2%, surpassing SPX’s 11.2% rise on a YTD basis.
Narrowing the focus, GLW’s outperformance is apparent compared to the ProShares Smart Materials ETF (TINT). The exchange-traded fund has gained about 8.3% over the past year. Moreover, GLW’s gains on a YTD basis compare to the ETF’s loss over the same time frame.
GLW shares jumped more than 7% on Apr. 30 after reporting better-than-expected Q1 results. The company’s adjusted revenue came in at $3.26 billion, beating analyst estimates of $3.12 billion. Its adjusted EPS stood at $0.38, surpassing Wall Street estimates of $0.36. The company expects its Q2 core sales to grow sequentially to $3.40 billion and its core EPS to come between $0.42 and $0.46.
For the current fiscal year, ending in December, analysts expect GLW’s EPS to grow 12.4% to $1.91 on a diluted basis. The company’s earnings surprise history is mixed. It beat and matched the consensus estimate in two of the last four quarters while missing the forecast on two other occasions.
Among the 11 analysts covering GLW stock, the consensus rating is a “Moderate Buy.” That’s based on four “Strong Buy” ratings, one “Moderate Buy,” and six “Holds.”
This configuration has been consistent over the past three months.
Recently, Mizuho analyst John Roberts initiated coverage of GLW stock with a “Neutral” rating and a price target of $36, implying a marginal downside from current levels.
The mean price target of $35.75 represents a 1.5% downside from GLW’s current price levels. The Street-high price target of $40 suggests an upside potential of 10.3%.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
