Corning (NYSE:GLW) Updates Q4 Earnings Guidance

Corning (NYSE:GLW) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.53-0.57 for the period, compared to the consensus estimate of $0.52. The company issued revenue guidance of $3.75 billion, compared to the consensus revenue estimate of $3.67 billion. Corning also updated its Q4 2024 guidance to 0.530-0.570 EPS.

Corning Trading Up 1.2 %

NYSE GLW traded up $0.55 on Friday, reaching $48.14. The company had a trading volume of 521,954 shares, compared to its average volume of 5,726,379. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning has a 52 week low of $26.71 and a 52 week high of $51.03. The stock has a market cap of $41.19 billion, a price-to-earnings ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. The stock’s 50 day moving average is $44.40 and its 200-day moving average is $40.22.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. Corning’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 EPS. Equities analysts predict that Corning will post 1.93 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.33%. Corning’s dividend payout ratio is presently 658.82%.

Analyst Ratings Changes

A number of research firms have weighed in on GLW. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday. Finally, Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

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.