Analysts predict that Corning Incorporated (NYSE:GLW) will announce sales of $2.98 billion for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings. The lowest sales estimate is $2.96 billion and the highest is $3.00 billion. Corning posted sales of $2.76 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 8%. The firm is expected to issue its next quarterly earnings results on Wednesday, July 24th.
According to Zacks, analysts expect that Corning will report full-year sales of $12.19 billion for the current financial year, with estimates ranging from $11.99 billion to $12.48 billion. For the next financial year, analysts anticipate that the company will post sales of $12.94 billion, with estimates ranging from $12.64 billion to $13.51 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Corning.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year.
A number of brokerages have recently issued reports on GLW. Bank of America upgraded Corning from a “neutral” rating to a “buy” rating and set a $32.31 target price on the stock in a research report on Wednesday, May 1st. ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Finally, Zacks Investment Research upgraded Corning from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $35.41.
In related news, VP David L. Morse sold 36,664 shares of the firm’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $35.00, for a total value of $1,283,240.00. Following the sale, the vice president now owns 47,527 shares of the company’s stock, valued at approximately $1,663,445. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Eric S. Musser sold 33,023 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $34.29, for a total value of $1,132,358.67. Following the completion of the sale, the vice president now directly owns 61,944 shares in the company, valued at approximately $2,124,059.76. The disclosure for this sale can be found here. Insiders sold 293,066 shares of company stock worth $9,959,108 over the last 90 days. Company insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Riverview Trust Co bought a new position in shares of Corning in the fourth quarter worth about $26,000. Trustcore Financial Services LLC bought a new position in Corning during the first quarter worth $30,000. Sontag Advisory LLC bought a new position in Corning during the fourth quarter worth $29,000. Golden State Wealth Management LLC bought a new position in Corning during the first quarter worth $33,000. Finally, Athena Capital Advisors LLC bought a new position in Corning during the fourth quarter worth $33,000. 71.80% of the stock is currently owned by institutional investors and hedge funds.
Corning stock traded up $0.21 during mid-day trading on Friday, hitting $30.27. The company had a trading volume of 4,051,836 shares, compared to its average volume of 4,492,552. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.53. Corning has a 12-month low of $26.23 and a 12-month high of $36.56. The firm has a market cap of $23.23 billion, a PE ratio of 17.01, a P/E/G ratio of 1.54 and a beta of 1.12.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.80 annualized dividend and a dividend yield of 2.64%. Corning’s dividend payout ratio is currently 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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