Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.500-0.540 for the period, compared to the consensus 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.

Corning Trading Up 2.3 %

NYSE:GLW opened at $44.43 on Friday. The company has a market capitalization of $38.02 billion, a PE ratio of 62.58, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The stock has a fifty day simple moving average of $41.76 and a 200-day simple moving average of $37.43. 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 announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion for 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%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.45 earnings per share. On average, equities research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GLW shares. Fox Advisors raised shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price target on the stock in a research note on Monday, June 17th. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an equal weight rating in a research report on Wednesday, July 31st. Morgan Stanley reiterated an equal weight rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Hsbc Global Res upgraded Corning from a moderate sell rating to a hold rating in a report on Tuesday, July 9th. Finally, Citigroup upped their target price on Corning from $45.00 to $51.00 and gave the company a buy rating in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Corning presently has an average rating of Moderate Buy and a consensus price target 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.