Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.500-0.540 for the period, compared to the consensus earnings per share 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 2.7 %

GLW traded up $1.19 during trading on Thursday, reaching $44.61. 3,512,461 shares of the company’s stock were exchanged, compared to its average volume of 5,882,008. The stock has a market capitalization of $38.17 billion, a PE ratio of 61.17, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. Corning has a one year low of $25.26 and a one year high of $46.39. The firm has a fifty day moving average price of $41.77 and a two-hundred day moving average price of $37.38. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.

Analyst Upgrades and Downgrades

GLW has been the topic of several recent analyst reports. Fox Advisors upgraded shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price objective for the company in a research note on Monday, June 17th. Hsbc Global Res upgraded shares of Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. 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. Deutsche Bank Aktiengesellschaft raised shares of 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. Finally, HSBC upgraded 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 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 currently has an average rating of Moderate Buy and a consensus target price of $45.62.

Corning Company Profile

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.