Corning (NYSE:GLW) Issues Q3 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.50-$0.54 for the period, compared to the consensus estimate of $0.53. The company issued revenue guidance of $3.7 billion, compared to the consensus revenue estimate of $3.71 billion.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GLW. Argus boosted their price objective on shares of Corning from $40.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, July 9th. Oppenheimer reiterated an outperform rating and set a $47.00 price target (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised Corning from a hold rating to a buy rating and set a $46.00 price target on the stock in a report on Wednesday, July 31st. HSBC upgraded Corning from a reduce rating to a hold rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corning from $47.00 to $55.00 and gave the company an overweight rating in a report on Monday, July 29th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $45.62.

Corning Stock Performance

Shares of NYSE GLW opened at $43.43 on Thursday. The company has a market capitalization of $37.16 billion, a P/E ratio of 61.17, a price-to-earnings-growth ratio of 1.66 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 has a one year low of $25.26 and a one year high of $46.39. The business’s 50-day moving average price is $41.77 and its two-hundred day moving average price is $37.38.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 quarter in the previous year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. Analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) 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.