Corning (NYSE:GLW) Releases Q4 2024 Earnings Guidance

Corning (NYSE:GLW) 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 Performance

GLW traded down $0.78 during midday trading on Wednesday, reaching $48.25. The company had a trading volume of 5,350,926 shares, compared to its average volume of 5,732,366. Corning has a 1 year low of $26.41 and a 1 year high of $51.03. 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 company has a market cap of $41.33 billion, a P/E ratio of 68.03, a P/E/G ratio of 1.73 and a beta of 1.04. The business has a 50-day moving average of $44.15 and a two-hundred day moving average of $40.11.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities research analysts predict that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

Several research firms recently issued reports on GLW. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Argus increased their price objective on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 9th. Citigroup boosted their target price on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. 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. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.