Corning (NYSE:GLW – Get Free Report) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.500-0.540 for the period, compared to the consensus estimate of 0.530. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q3 guidance to $0.50-$0.54 EPS.
Corning Price Performance
Shares of NYSE GLW traded up $1.09 during trading on Thursday, hitting $44.51. 3,391,487 shares of the company were exchanged, compared to its average volume of 5,881,254. The company has a market cap of $38.09 billion, a price-to-earnings ratio of 61.17, a PEG ratio of 1.66 and a beta of 1.04. Corning has a 1 year low of $25.26 and a 1 year high of $46.39. The firm’s fifty day moving average price is $41.77 and its 200 day moving average price is $37.38. 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 (NYSE:GLW – Get Free Report) last announced 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 net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion during 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 firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.
Corning Dividend Announcement
Wall Street Analyst Weigh In
GLW has been the subject of several research analyst reports. HSBC upgraded Corning from a reduce rating to a hold rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Susquehanna upped their price target on Corning from $40.00 to $46.00 and gave the company a positive rating in a research report on Wednesday, July 31st. Fox Advisors raised Corning from an equal weight rating to an overweight rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. UBS Group increased their price target on Corning from $38.00 to $44.00 and gave the stock a neutral rating in a research note on Tuesday, July 9th. Finally, Hsbc Global Res raised Corning from a moderate sell rating to a hold rating in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $45.62.
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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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