Corning (NYSE:GLW – Get Free Report) released its quarterly earnings data on Tuesday. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01, Briefing.com reports. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. Corning’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. Corning updated its Q3 2024 guidance to 0.500-0.540 EPS and its Q3 guidance to $0.50-0.54 EPS.
Corning Price Performance
Corning stock traded up $0.27 on Wednesday, reaching $40.01. The company’s stock had a trading volume of 13,380,597 shares, compared to its average volume of 6,229,678. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The company has a market cap of $34.27 billion, a price-to-earnings ratio of 56.35, a PEG ratio of 1.58 and a beta of 1.05. The business’s fifty day moving average price is $40.13 and its 200 day moving average price is $35.13. Corning has a twelve month low of $25.26 and a twelve month high of $46.39.
Corning Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is currently 157.75%.
Insiders Place Their Bets
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the company. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Susquehanna boosted their price objective on Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research report on Wednesday. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Oppenheimer reaffirmed an “outperform” rating and issued a $47.00 price target (down previously from $50.00) on shares of Corning in a research note on Wednesday. Finally, Citigroup boosted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.23.
Check Out Our Latest Report on Corning
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.
Further Reading
- Five stocks we like better than Corning
- Pros And Cons Of Monthly Dividend Stocks
- Joby Aviation Stock: The Case for Upside Just Got Stronger
- What is a Dividend Harvesting Strategy and How Can Investors Profit from it?
- Conviction Firms for Microsoft’s Double-Digit Stock Upside
- How to Calculate Options Profits
- 5 Aggressive Growth Stocks for Long-Term Investors
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.