Corning (GLW) to Release Quarterly Earnings on Tuesday

Corning (NYSE:GLW) is set to issue its quarterly earnings data before the market opens on Tuesday, October 29th. Analysts expect the company to announce earnings of $0.52 per share for the quarter. Corning has set its Q3 2024 guidance at 0.500-0.540 EPS and its Q3 guidance at $0.50-0.54 EPS.Parties interested in participating in the company’s conference call can do so using this link.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Price Performance

Shares of NYSE GLW opened at $46.25 on Friday. Corning has a twelve month low of $26.37 and a twelve month high of $47.72. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $39.62 billion, a price-to-earnings ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The business has a 50 day simple moving average of $43.86 and a 200-day simple moving average of $39.78.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.42%. Corning’s payout ratio is currently 157.75%.

Analyst Ratings Changes

GLW has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upped their price objective on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Oppenheimer upped their price objective on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. JPMorgan Chase & Co. upped their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $47.23.

About Corning

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.