Corning (NYSE:GLW – Get Free Report) announced its earnings results on Tuesday. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.01, Briefing.com reports. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 earnings per share. Corning updated its Q3 2024 guidance to 0.500-0.540 EPS and its Q3 guidance to $0.50-0.54 EPS.
Corning Stock Up 0.1 %
GLW stock traded up $0.03 during trading hours on Thursday, hitting $40.04. The company’s stock had a trading volume of 8,655,802 shares, compared to its average volume of 6,246,197. The company has a market capitalization of $34.30 billion, a PE ratio of 56.80, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average price of $40.13 and a two-hundred day moving average price of $35.13. Corning has a 12 month low of $25.26 and a 12 month high of $46.39.
Corning Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.80%. Corning’s payout ratio is 157.75%.
Insider Activity at Corning
Analysts Set New Price Targets
A number of research analysts recently weighed in on GLW shares. Argus raised their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Bank of America decreased their target price on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Wednesday. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Oppenheimer reissued an “outperform” rating and set a $47.00 target price (down previously from $50.00) on shares of Corning in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus target price of $45.23.
Read Our Latest Stock Report on GLW
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.
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