Corning (NYSE:GLW) Issues Q3 2024 Earnings Guidance

Corning (NYSE:GLW - Get Free Report) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.500-0.540 for the period, compared to the consensus 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

NYSE GLW traded up $1.01 during trading on Thursday, reaching $44.43. The company's stock had a trading volume of 7,448,413 shares, compared to its average volume of 5,904,531. The firm has a fifty day moving average of $41.76 and a 200 day moving average of $37.43. Corning has a one year low of $25.26 and a one year high of $46.39. The stock has a market capitalization of $38.02 billion, a PE ratio of 62.58, a P/E/G ratio of 1.66 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW - Get Free Report) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the firm posted $0.45 earnings per share. Corning's quarterly revenue was up 3.5% on a year-over-year basis. 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, September 27th. Investors of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GLW shares. Susquehanna increased their price objective on Corning from $40.00 to $46.00 and gave the company a positive rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Corning from $47.00 to $55.00 and gave the company an overweight rating in a research report on Monday, July 29th. Mizuho upgraded shares of 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. Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the company a buy rating in a report on Tuesday, July 9th. Finally, Bank of America lowered their price target on shares of Corning from $47.00 to $46.00 and set a buy rating for the company in a research note on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of Moderate Buy and a consensus price target of $45.62.

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.