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 (EPS) guidance of $0.53-0.57 for the period, compared to the consensus 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.

Corning Stock Up 1.2 %

Shares of NYSE GLW traded up $0.55 during midday trading on Friday, hitting $48.14. The stock had a trading volume of 521,954 shares, compared to its average volume of 5,726,379. The business’s 50 day moving average is $44.40 and its 200-day moving average is $40.22. The company has a market cap of $41.19 billion, a P/E ratio of 279.94, a PEG ratio of 1.61 and a beta of 1.04. Corning has a 52 week low of $26.71 and a 52 week high of $51.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, analysts predict that Corning will post 1.93 EPS for the current year.

Corning Dividend Announcement

The business 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 dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.33%. Corning’s payout ratio is 658.82%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GLW shares. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America lifted their price objective 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. Finally, Argus lifted their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.