Corning (NYSE:GLW) Issues Q3 Earnings Guidance

Corning (NYSE:GLW) updated its third quarter earnings guidance on Thursday. 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.

Corning Trading Up 0.3 %

GLW opened at $43.43 on Thursday. 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 firm has a market capitalization of $37.16 billion, a price-to-earnings ratio of 61.17, a PEG ratio of 1.66 and a beta of 1.04. The business has a 50 day simple moving average of $41.77 and a two-hundred day simple moving average of $37.38. Corning has a one year low of $25.26 and a one year high of $46.39.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 EPS. Analysts predict that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.58%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a hold rating to a buy rating and set a $46.00 price objective on the stock in a research note on Wednesday, July 31st. Oppenheimer reaffirmed an outperform rating and set a $47.00 target price (down from $50.00) on shares of Corning in a research note on Wednesday, July 31st. Bank of America decreased their price objective on Corning from $47.00 to $46.00 and set a buy rating on the stock in a report on Wednesday, July 31st. Mizuho raised shares of Corning from a neutral rating to an outperform rating and increased their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Corning currently has an average rating of Moderate Buy and a consensus target price of $45.62.

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.