Corning (NYSE:GLW) Updates Q4 2024 Earnings Guidance

Corning (NYSE:GLW) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 0.530-0.570 for the period, compared to the consensus earnings per share estimate of 0.520. The company issued revenue guidance of $3.8 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q4 guidance to $0.53-0.57 EPS.

Analysts Set New Price Targets

A number of research firms have issued reports on GLW. Oppenheimer reissued an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Barclays upped their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Down 0.9 %

NYSE GLW traded down $0.45 on Thursday, hitting $47.59. 6,773,030 shares of the stock traded hands, compared to its average volume of 5,751,035. The stock has a 50-day moving average of $44.40 and a 200 day moving average of $40.22. Corning has a twelve month low of $26.41 and a twelve month high of $51.03. The company has a market capitalization of $40.77 billion, a P/E ratio of 67.03, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. As a group, analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.