Equities analysts predict that Corning Incorporated (NYSE:GLW) will post $3.03 billion in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Corning’s earnings, with estimates ranging from $2.99 billion to $3.07 billion. Corning posted sales of $2.74 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 10.6%. The firm is scheduled to announce its next earnings results on Tuesday, January 29th.
On average, analysts expect that Corning will report full-year sales of $11.33 billion for the current year, with estimates ranging from $11.30 billion to $11.39 billion. For the next year, analysts forecast that the firm will report sales of $12.21 billion, with estimates ranging from $12.11 billion to $12.36 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Corning.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period last year, the firm posted $0.40 EPS. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis.
Several equities analysts have weighed in on the stock. Guggenheim restated a “buy” rating and set a $41.00 target price on shares of Corning in a report on Tuesday, October 23rd. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Wednesday, August 8th. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and raised their target price for the company from $32.50 to $40.00 in a report on Friday, September 14th. ValuEngine downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Monday, November 12th. Finally, UBS Group set a $36.00 price target on shares of Corning and gave the stock a “hold” rating in a report on Wednesday, September 26th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $36.11.
In related news, SVP Lewis A. Steverson sold 12,577 shares of the firm’s stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $31.47, for a total value of $395,798.19. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David L. Morse sold 30,151 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $32.16, for a total transaction of $969,656.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,975 shares of company stock valued at $2,622,698. Insiders own 0.46% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. TRUE Private Wealth Advisors acquired a new stake in shares of Corning in the third quarter worth approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its position in shares of Corning by 711.4% in the third quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,840 shares of the electronics maker’s stock worth $100,000 after acquiring an additional 2,490 shares during the last quarter. Trustcore Financial Services LLC boosted its position in shares of Corning by 233.3% in the third quarter. Trustcore Financial Services LLC now owns 3,000 shares of the electronics maker’s stock worth $106,000 after acquiring an additional 2,100 shares during the last quarter. NEXT Financial Group Inc acquired a new stake in shares of Corning in the third quarter worth approximately $117,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Corning by 16,371.4% in the second 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 during the last quarter. 70.83% of the stock is currently owned by institutional investors and hedge funds.
NYSE:GLW traded down $1.24 during mid-day trading on Friday, hitting $32.15. 6,318,696 shares of the company’s stock traded hands, compared to its average volume of 4,702,583. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning has a 1 year low of $26.11 and a 1 year high of $36.56. The company has a market capitalization of $25.79 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 2.15 and a beta of 1.29.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.24%. Corning’s dividend payout ratio (DPR) is presently 41.86%.
Corning Company Profile
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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