Equities analysts forecast that Corning Incorporated (NYSE:GLW) will post sales of $3.67 billion for the current quarter, according to Zacks. Three analysts have provided estimates for Corning’s earnings, with the lowest sales estimate coming in at $3.64 billion and the highest estimate coming in at $3.72 billion. Corning reported sales of $3.01 billion in the same quarter last year, which would suggest a positive year over year growth rate of 21.9%. The company is expected to issue its next quarterly earnings report on Tuesday, October 26th.
According to Zacks, analysts expect that Corning will report full year sales of $14.08 billion for the current fiscal year, with estimates ranging from $13.99 billion to $14.21 billion. For the next year, analysts forecast that the firm will report sales of $14.85 billion, with estimates ranging from $14.39 billion to $15.29 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Corning.
Corning (NYSE:GLW) last released its earnings results on Monday, July 26th. The electronics maker reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.02. Corning had a return on equity of 22.22% and a net margin of 13.14%. The firm had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter last year, the business posted $0.25 earnings per share. The firm’s revenue was up 35.4% on a year-over-year basis.
Shares of NYSE:GLW traded up $0.60 during trading on Tuesday, hitting $38.39. 6,287,992 shares of the company’s stock were exchanged, compared to its average volume of 4,509,753. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.65 and a quick ratio of 1.14. Corning has a 52-week low of $30.41 and a 52-week high of $46.82. The business’s 50-day simple moving average is $39.96 and its 200 day simple moving average is $41.84. The company has a market cap of $32.79 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 0.80 and a beta of 1.14.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Stockholders of record on Tuesday, August 31st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Monday, August 30th. Corning’s dividend payout ratio (DPR) is 69.06%.
In other news, VP Clark S. Kinlin sold 15,302 shares of Corning stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $39.40, for a total value of $602,898.80. Following the completion of the transaction, the vice president now owns 59,945 shares in the company, valued at approximately $2,361,833. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Martin J. Curran sold 28,419 shares of the firm’s stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $40.89, for a total value of $1,162,052.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,488 shares of company stock valued at $3,926,785. Company insiders own 0.48% of the company’s stock.
Several hedge funds have recently modified their holdings of GLW. JPMorgan Chase & Co. lifted its stake in shares of Corning by 249.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,970,117 shares of the electronics maker’s stock worth $203,278,000 after acquiring an additional 3,548,969 shares during the last quarter. BlackRock Inc. raised its position in Corning by 4.3% during the 1st quarter. BlackRock Inc. now owns 54,104,194 shares of the electronics maker’s stock valued at $2,354,075,000 after purchasing an additional 2,216,672 shares in the last quarter. Holocene Advisors LP raised its position in Corning by 347.7% during the 1st quarter. Holocene Advisors LP now owns 2,648,981 shares of the electronics maker’s stock valued at $115,257,000 after purchasing an additional 2,057,360 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Corning by 93.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,301,058 shares of the electronics maker’s stock valued at $143,629,000 after purchasing an additional 1,595,296 shares in the last quarter. Finally, Amundi bought a new stake in Corning during the 2nd quarter valued at $60,871,000. 66.83% of the stock is owned by hedge funds and other institutional investors.
Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network 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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