Corning (NYSE:GLW) Releases Q4 2024 Earnings Guidance

by · The Markets Daily

Corning (NYSE:GLW – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.530-0.570 for the period, compared to the consensus earnings per share 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 Analysts Forecast Growth

GLW has been the topic of a number of research reports. Barclays boosted their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. UBS Group increased their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $47.23.

Check Out Our Latest Research Report on GLW

Corning Price Performance

Shares of Corning stock traded up $3.44 during midday trading on Tuesday, hitting $50.28. 6,235,946 shares of the company were exchanged, compared to its average volume of 5,700,820. The firm has a 50 day simple moving average of $43.98 and a 200-day simple moving average of $39.99. Corning has a 52 week low of $26.37 and a 52 week high of $51.03. The firm has a market cap of $43.07 billion, a P/E ratio of 70.58, a PEG ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW – Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the business earned $0.45 earnings per share. The business’s revenue was up 3.5% on a year-over-year basis. Research analysts forecast that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared 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 2.23%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Corning Company Profile

(Get Free Report)

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.

Read More