Corning (NYSE:GLW) Releases Q4 2024 Earnings Guidance

Corning (NYSE:GLW - Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.530-0.570 for the period, compared to the consensus estimate of 0.520. The company issued revenue guidance of $3.8 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q4 guidance to $0.53-0.57 EPS.

Corning Stock Up 4.7 %

Shares of NYSE:GLW traded up $2.19 during midday trading on Tuesday, reaching $49.03. The company had a trading volume of 13,293,675 shares, compared to its average volume of 5,735,072. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock's fifty day moving average price is $43.98 and its 200-day moving average price is $39.99. The stock has a market capitalization of $42.00 billion, a P/E ratio of 69.06, a PEG ratio of 1.73 and a beta of 1.04. Corning has a one year low of $26.37 and a one year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business's revenue was up 3.5% compared to the same quarter last year. Equities research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.28%. Corning's payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Bank of America upped their price target on shares of Corning from $46.00 to $51.00 and gave the stock a "buy" rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $46.00 to $49.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Barclays upped their price target on shares of Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Morgan Stanley restated an "equal weight" rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.23.

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.