Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.500-0.540 for the period, compared to the consensus earnings per share estimate of 0.530. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q3 guidance to $0.50-$0.54 EPS.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the company a neutral rating in a research note on Tuesday, July 9th. HSBC raised shares of Corning from a reduce rating to a hold rating and set a $37.00 price objective for the company in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a hold rating to a buy rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Barclays upped their target price on Corning from $36.00 to $40.00 and gave the company an equal weight rating in a report on Wednesday, July 31st. Finally, Hsbc Global Res raised Corning from a moderate sell rating to a hold rating in a report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $45.62.

Corning Trading Up 2.3 %

Shares of Corning stock opened at $44.43 on Friday. The business has a fifty day simple moving average of $41.76 and a 200-day simple moving average of $37.43. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market cap of $38.02 billion, a price-to-earnings ratio of 62.58, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. On average, equities analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date is Friday, August 30th. Corning’s payout ratio is 157.75%.

Corning Company Profile

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.