Corning (NYSE:GLW – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.50-$0.54 for the period, compared to the consensus EPS estimate of $0.53. The company issued revenue guidance of $3.7 billion, compared to the consensus revenue estimate of $3.71 billion. Corning also updated its Q3 2024 guidance to 0.500-0.540 EPS.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Corning from $38.00 to $44.00 and gave the company a neutral rating in a research report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded shares of 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. Mizuho raised shares of Corning from a neutral rating to an outperform rating and raised their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. JPMorgan Chase & Co. increased their target price on Corning from $47.00 to $55.00 and gave the company an overweight rating in a report on Monday, July 29th. Finally, Hsbc Global Res raised shares of Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Corning has a consensus rating of Moderate Buy and a consensus target price of $47.00.
Read Our Latest Stock Analysis on GLW
Corning Stock Up 0.2 %
Corning (NYSE:GLW – Get Free Report) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Corning will post 1.91 earnings per share for the current year.
Corning Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.52%. Corning’s dividend payout ratio (DPR) is presently 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.
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