Corning (NYSE:GLW) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Corning (NYSE:GLW) announced its quarterly earnings data on Tuesday. The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01, Briefing.com reports. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $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 Performance

NYSE:GLW traded down $0.99 during mid-day trading on Wednesday, hitting $48.04. The stock had a trading volume of 7,933,686 shares, compared to its average volume of 5,745,736. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company’s 50 day simple moving average is $44.15 and its 200 day simple moving average is $40.11. The stock has a market cap of $41.15 billion, a price-to-earnings ratio of 68.03, a PEG ratio of 1.73 and a beta of 1.04. Corning has a twelve month low of $26.41 and a twelve month high of $51.03.

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 $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup raised their price objective on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Argus raised their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Finally, Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average price target 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.