Corning (NYSE:GLW) Updates Q3 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.500-0.540 for the period, compared to the consensus earnings per share estimate of 0.530. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q3 guidance to $0.50-$0.54 EPS.

Corning Price Performance

Shares of NYSE GLW opened at $44.50 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm has a market capitalization of $38.08 billion, a PE ratio of 62.68, a price-to-earnings-growth ratio of 1.66 and a beta of 1.04. The stock’s 50-day simple moving average is $41.73 and its 200-day simple moving average is $37.51.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the company earned $0.45 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Morgan Stanley restated an equal weight rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Mizuho upgraded Corning from a neutral rating to an outperform rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the stock a buy rating in a research note on Friday. Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the company a buy rating in a research note on Friday, July 12th. Finally, Argus lifted 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. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $47.00.

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.