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

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

Corning Stock Up 1.2 %

Shares of NYSE:GLW traded up $0.57 during trading on Friday, hitting $48.16. 1,362,126 shares of the company were exchanged, compared to its average volume of 5,729,495. The stock has a market cap of $41.21 billion, a price-to-earnings ratio of 279.94, a P/E/G ratio of 1.61 and a beta of 1.04. Corning has a fifty-two week low of $26.71 and a fifty-two week high of $51.03. The firm has a fifty day moving average price of $44.40 and a two-hundred day moving average price of $40.22. The company has a current ratio of 1.66, a quick ratio of 0.98 and a debt-to-equity ratio of 0.62.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a report on Tuesday, July 9th. Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.