Corning (NYSE:GLW) Releases Q4 Earnings Guidance

Corning (NYSE:GLW) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.53-0.57 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their price target on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Performance

Corning stock traded down $1.00 during mid-day trading on Wednesday, reaching $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 quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The firm has a market cap of $41.14 billion, a price-to-earnings ratio of 68.03, a PEG ratio of 1.73 and a beta of 1.04. The company has a 50 day moving average of $44.15 and a 200-day moving average of $40.11. Corning has a 52 week low of $26.41 and a 52 week high of $51.03.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $3.39 billion during 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 firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. On average, sell-side analysts expect that Corning will post 1.91 EPS for the current fiscal year.

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 of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s payout ratio is 157.75%.

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.