Corning (NYSE:GLW) Updates Q3 Earnings Guidance

Corning (NYSE:GLW) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.50-$0.54 for the period, compared to the consensus EPS estimate of $0.53. The company issued revenue guidance of $3.7 billion, compared to the consensus revenue estimate of $3.71 billion.

Corning Trading Up 0.3 %

NYSE:GLW opened at $43.43 on Thursday. The business has a fifty day moving average of $41.77 and a 200-day moving average of $37.38. The stock has a market cap of $37.16 billion, a price-to-earnings ratio of 61.17, a PEG ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning has a 1 year low of $25.26 and a 1 year high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the business posted $0.45 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities analysts predict that Corning will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLW. Bank of America dropped their price target on shares of Corning from $47.00 to $46.00 and set a buy rating on the stock in a research report on Wednesday, July 31st. Morgan Stanley restated an equal weight rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Citigroup lifted their price target on shares of Corning from $45.00 to $51.00 and gave the stock a buy rating in a research report on Friday, July 12th. UBS Group upped 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. Finally, HSBC raised shares of Corning from a reduce rating to a hold rating and set a $37.00 price objective on the stock in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of Moderate Buy and an average target price of $45.62.

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.