Corning (NYSE:GLW) Releases Q3 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.50-$0.54 for the period, compared to the consensus estimate of $0.53. The company issued revenue guidance of $3.7 billion, compared to the consensus revenue estimate of $3.71 billion. Corning also updated its Q3 2024 guidance to 0.500-0.540 EPS.

Analyst Upgrades and Downgrades

GLW has been the topic of a number of analyst reports. Argus upped their target price on shares of Corning from $40.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Morgan Stanley restated an equal weight rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a positive rating in a research note on Friday. UBS Group increased their price objective on Corning from $38.00 to $44.00 and gave the company a neutral rating in a research report on Tuesday, July 9th. Finally, Mizuho raised Corning from a neutral rating to an outperform rating and boosted their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $47.00.

Corning Stock Performance

Shares of Corning stock opened at $44.50 on Friday. The company’s fifty day moving average is $41.73 and its 200 day moving average is $37.54. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. Corning has a twelve month low of $25.26 and a twelve month high of $46.39.

Corning (NYSE:GLW) last issued its 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 return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company posted $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. Sell-side analysts forecast that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.52%. Corning’s payout ratio is currently 157.75%.

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.