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 EPS guidance of $0.53-0.57 for the period, compared to the consensus EPS 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 Price Performance

GLW stock traded down $1.00 during trading on Wednesday, hitting $48.03. The company had a trading volume of 4,468,899 shares, compared to its average volume of 5,729,053. The company has a fifty day moving average price of $44.15 and a two-hundred day moving average price of $40.11. Corning has a fifty-two week low of $26.41 and a fifty-two week high of $51.03. The company has a market cap of $41.14 billion, a P/E ratio of 68.03, a P/E/G ratio of 1.73 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.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on GLW shares. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research report on Tuesday, July 9th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.