Corning (NYSE:GLW) Updates Q4 2024 Earnings Guidance

Corning (NYSE:GLW) updated its fourth quarter 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.530-0.570 for the period, compared to the consensus EPS 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GLW shares. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and set a $39.00 price target on shares of Corning in a research report on Friday, July 26th. UBS Group upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday. Oppenheimer restated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday. Finally, Barclays increased their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

GLW traded down $0.78 during trading on Wednesday, hitting $48.25. The company’s stock had a trading volume of 5,350,926 shares, compared to its average volume of 5,732,366. Corning has a twelve month low of $26.41 and a twelve month high of $51.03. The firm has a market capitalization of $41.33 billion, a price-to-earnings ratio of 68.03, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The business’s fifty day simple moving average is $44.15 and its 200 day simple moving average is $40.11.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period last year, the firm posted $0.45 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. Corning’s payout ratio is currently 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.