Corning (GLW) Set to Announce Quarterly Earnings on Tuesday

Corning (NYSE:GLW) will release its earnings data before the market opens on Tuesday, October 29th. Analysts expect Corning to post earnings of $0.52 per share for the quarter. Corning has set its Q3 2024 guidance at 0.500-0.540 EPS and its Q3 guidance at $0.50-0.54 EPS.Individual interested in registering for the company’s earnings conference call can do so using this link.

Corning (NYSE:GLW) last released 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. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 EPS. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Stock Down 1.2 %

NYSE GLW opened at $46.25 on Monday. The stock has a market cap of $39.62 billion, a PE ratio of 65.14, a P/E/G ratio of 1.77 and a beta of 1.04. Corning has a fifty-two week low of $26.37 and a fifty-two week high of $47.72. The business has a 50 day moving average price of $43.86 and a two-hundred day moving average price of $39.83. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 157.75%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Argus upped their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. UBS Group upped their target price on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Finally, Oppenheimer upped their target price on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average target price of $47.23.

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.