Wall Street brokerages predict that Corning Incorporated (NYSE:GLW) will post $3.00 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Corning’s earnings, with the lowest sales estimate coming in at $2.99 billion and the highest estimate coming in at $3.01 billion. Corning posted sales of $2.70 billion in the same quarter last year, which would indicate a positive year over year growth rate of 11.1%. The business is expected to announce its next quarterly earnings report on Tuesday, October 23rd.
According to Zacks, analysts expect that Corning will report full year sales of $11.26 billion for the current year, with estimates ranging from $11.25 billion to $11.26 billion. For the next fiscal year, analysts expect that the company will report sales of $12.09 billion per share, with estimates ranging from $12.00 billion to $12.23 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Corning.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.42 earnings per share.
Several brokerages recently issued reports on GLW. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Guggenheim reiterated a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Corning from a “sell” rating to a “neutral” rating and set a $29.00 price objective on the stock in a research report on Wednesday, June 20th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Tuesday, June 26th. Finally, ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $33.68.
NYSE GLW traded down $0.35 during trading on Tuesday, hitting $32.74. The company had a trading volume of 3,838,718 shares, compared to its average volume of 6,270,940. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. Corning has a one year low of $26.11 and a one year high of $35.10. The firm has a market capitalization of $26.80 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 2.33 and a beta of 1.40.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.20%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
In other news, CEO Wendell P. Weeks sold 237,470 shares of the stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 224,884 shares of the stock in a transaction that occurred on Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the transaction, the chief executive officer now owns 111,835 shares in the company, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 612,264 shares of company stock worth $19,079,432. 0.46% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the company. Institutional & Family Asset Management LLC bought a new position in shares of Corning during the first quarter worth approximately $101,000. Founders Capital Management acquired a new stake in shares of Corning during the 2nd quarter worth approximately $105,000. Private Capital Group LLC boosted its position in shares of Corning by 1,455.7% during the 1st quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after acquiring an additional 3,683 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Corning by 16,371.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after acquiring an additional 4,584 shares in the last quarter. Finally, Bray Capital Advisors acquired a new stake in shares of Corning during the 1st quarter worth approximately $132,000. Hedge funds and other institutional investors own 71.75% of the company’s stock.
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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