Corning (NYSE:GLW) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Corning (NYSE:GLWGet Free Report) announced its quarterly earnings data on Tuesday. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01, Briefing.com reports. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the business earned $0.45 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. Corning updated its Q4 guidance to $0.53-0.57 EPS and its Q4 2024 guidance to 0.530-0.570 EPS.

Corning Stock Performance

Shares of GLW stock opened at $48.04 on Thursday. The stock has a 50-day moving average of $44.27 and a 200-day moving average of $40.16. Corning has a one year low of $26.41 and a one year high of $51.03. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market cap of $41.15 billion, a PE ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

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 $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Read Our Latest Report on Corning

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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Earnings History for Corning (NYSE:GLW)

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