Corning (NYSE:GLW) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Corning (NYSE:GLW) announced its quarterly earnings data on Tuesday. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01, Briefing.com reports. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. Corning updated its Q4 guidance to $0.53-0.57 EPS and its Q4 2024 guidance to 0.530-0.570 EPS.

Corning Stock Performance

GLW stock traded up $0.57 during mid-day trading on Friday, reaching $48.16. The company had a trading volume of 1,362,126 shares, compared to its average volume of 5,729,495. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $41.21 billion, a P/E ratio of 279.94, a P/E/G ratio of 1.61 and a beta of 1.04. Corning has a one year low of $26.71 and a one year high of $51.03. The stock’s 50-day simple moving average is $44.40 and its two-hundred day simple moving average is $40.22.

Corning Dividend Announcement

The company also recently disclosed 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. This represents a $1.12 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reissued an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. increased their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Corning has an average rating of “Moderate Buy” and an average 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.