Corning (NYSE:GLW) Releases Q4 Earnings Guidance

Corning (NYSE:GLW) updated its fourth quarter earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GLW. Citigroup increased their target price on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Barclays raised their price target on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. JPMorgan Chase & Co. raised their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Bank of America raised their price target 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. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.23.

Corning Trading Up 1.3 %

NYSE GLW opened at $46.84 on Tuesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $40.12 billion, a price-to-earnings ratio of 65.97, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The company’s 50-day simple moving average is $43.98 and its two-hundred day simple moving average is $39.99. Corning has a one year low of $26.37 and a one year high of $47.72.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS 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 quarter last year, the firm posted $0.45 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company 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 $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.