Corning (NYSE:GLW) Releases Q3 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.50-$0.54 for the period, compared to the consensus estimate of $0.53. The company issued revenue guidance of $3.7 billion, compared to the consensus revenue estimate of $3.71 billion. Corning also updated its Q3 2024 guidance to 0.500-0.540 EPS.

Analysts Set New Price Targets

Several analysts have recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft upgraded Corning from a hold rating to a buy rating and set a $46.00 price target for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Corning from $47.00 to $55.00 and gave the company an overweight rating in a report on Monday, July 29th. Susquehanna boosted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a positive rating in a research note on Friday. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the company an equal weight rating in a research note on Wednesday, July 31st. Finally, Mizuho raised shares of Corning from a neutral rating to an outperform rating and boosted their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $47.00.

Corning Stock Performance

GLW opened at $44.50 on Friday. Corning has a 1 year low of $25.26 and a 1 year high of $46.39. The stock has a market cap of $38.08 billion, a PE ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The stock’s 50 day simple moving average is $41.73 and its 200-day simple moving average is $37.51.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Sell-side analysts forecast that Corning will post 1.91 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.52%. Corning’s dividend payout ratio is currently 157.75%.

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.