Brokerages expect Corning Inc. (NYSE:GLW) to report sales of $2.51 billion for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Corning’s earnings, with estimates ranging from $2.48 billion to $2.54 billion. Corning posted sales of $2.49 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 0.8%. The company is scheduled to report its next earnings report before the market opens on Tuesday, April 24th.
On average, analysts expect that Corning will report full-year sales of $2.51 billion for the current fiscal year, with estimates ranging from $10.83 billion to $11.02 billion. For the next financial year, analysts expect that the company will post sales of $11.73 billion per share, with estimates ranging from $11.64 billion to $11.83 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Corning.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter last year, the company posted $0.50 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year.
Several equities research analysts have recently weighed in on the company. Citigroup reduced their price objective on Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, March 9th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. TheStreet cut Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Barclays set a $38.00 price objective on Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Finally, Oppenheimer reissued a “hold” rating on shares of Corning in a research report on Wednesday, January 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning presently has an average rating of “Hold” and an average price target of $31.22.
GLW opened at $26.55 on Friday. Corning has a 1-year low of $26.30 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The company has a market capitalization of $23,545.66, a PE ratio of 15.44, a price-to-earnings-growth ratio of 4.13 and a beta of 1.36.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, February 28th were given a $0.18 dividend. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is 41.86%.
In related news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Canning, Jr. bought 30,000 shares of Corning stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. 0.46% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Motco lifted its position in Corning by 150.4% in the fourth quarter. Motco now owns 3,538 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 2,125 shares during the period. Financial Advocates Investment Management bought a new position in Corning in the fourth quarter worth $130,000. Valeo Financial Advisors LLC lifted its position in Corning by 163.9% in the fourth quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock worth $160,000 after purchasing an additional 3,100 shares during the period. Bank of Nova Scotia Trust Co. bought a new position in Corning in the third quarter worth $163,000. Finally, Resources Investment Advisors Inc. lifted its position in Corning by 611.0% in the fourth quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock worth $166,000 after purchasing an additional 4,460 shares during the period. 72.86% of the stock is owned by hedge funds and other institutional investors.
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Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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