Corning (NYSE:GLW) Releases Q4 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.530-0.570 for the period, compared to the consensus estimate of 0.520. The company issued revenue guidance of $3.8 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q4 guidance to $0.53-0.57 EPS.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on GLW shares. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup lifted their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Up 1.0 %

GLW traded up $0.46 during trading hours on Friday, reaching $48.05. The company’s stock had a trading volume of 1,485,359 shares, compared to its average volume of 5,730,145. The business’s 50-day moving average is $44.40 and its 200-day moving average is $40.22. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.98. The stock has a market cap of $41.12 billion, a PE ratio of 279.94, a P/E/G ratio of 1.61 and a beta of 1.04. Corning has a fifty-two week low of $26.71 and a fifty-two week high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion for 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%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. As a group, equities research analysts predict that Corning will post 1.93 earnings per share for the current fiscal year.

Corning Announces Dividend

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

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.