Corning (NYSE:GLW) Releases Q4 2024 Earnings Guidance

by · The Cerbat Gem

Corning (NYSE:GLW – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. 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.

Corning Stock Performance

NYSE GLW traded up $0.46 during trading hours on Friday, hitting $48.05. The company had a trading volume of 1,485,359 shares, compared to its average volume of 5,730,145. The business has a 50 day moving average of $44.40 and a 200-day moving average of $40.22. The company has a market cap of $41.12 billion, a PE ratio of 279.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.04. Corning has a 1-year low of $26.71 and a 1-year high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.66.

Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Corning will post 1.93 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend 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%.

Analysts Set New Price Targets

GLW has been the subject of a number of recent analyst reports. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Argus boosted their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Finally, Barclays raised their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.08.

View Our Latest Research Report on GLW

About Corning

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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.

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