Corning (NYSE:GLW) Updates Q3 Earnings Guidance

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on GLW shares. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a hold rating to a buy rating and set a $46.00 price objective for the company in a research note on Wednesday, July 31st. Susquehanna raised their price target on shares of Corning from $40.00 to $46.00 and gave the stock a positive rating in a research note on Wednesday, July 31st. Oppenheimer reaffirmed an outperform rating and set a $47.00 price objective (down from $50.00) on shares of Corning in a report on Wednesday, July 31st. Mizuho raised Corning from a neutral rating to an outperform rating and increased their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. raised their target price on Corning from $47.00 to $55.00 and gave the stock an overweight rating in a research report on Monday, July 29th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Corning has a consensus rating of Moderate Buy and an average target price of $45.62.

Corning Stock Performance

Corning stock opened at $43.43 on Thursday. Corning has a 12-month low of $25.26 and a 12-month high of $46.39. The stock has a 50-day simple moving average of $41.77 and a 200 day simple moving average of $37.38. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $37.16 billion, a price-to-earnings ratio of 61.17, a P/E/G ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. On average, research analysts anticipate that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

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 paid 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 2.58%. Corning’s dividend payout ratio (DPR) is currently 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.