Corning (NYSE:GLW) Issues Earnings Results

Corning (NYSE:GLW) released its quarterly earnings data on Tuesday. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02, Briefing.com reports. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 earnings per share. Corning updated its Q4 guidance to $0.53-0.57 EPS and its Q4 2024 guidance to 0.530-0.570 EPS.

Corning Stock Down 1.9 %

Shares of NYSE GLW traded down $0.92 on Wednesday, reaching $48.11. 4,782,829 shares of the company’s stock traded hands, compared to its average volume of 5,729,778. The business’s 50 day simple moving average is $44.15 and its two-hundred day simple moving average is $40.11. Corning has a 12 month low of $26.41 and a 12 month high of $51.03. The company has a market cap of $41.21 billion, a price-to-earnings ratio of 68.03, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning Announces Dividend

The firm also recently disclosed 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 currently 157.75%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday. Argus boosted their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Citigroup raised their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price 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.