Equities analysts forecast that Corning Incorporated (NYSE:GLW) will post sales of $2.50 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings, with the lowest sales estimate coming in at $2.48 billion and the highest estimate coming in at $2.54 billion. Corning posted sales of $2.49 billion during the same quarter last year, which would indicate a positive year over year growth rate of 0.4%. The firm is scheduled to issue its next earnings results on Tuesday, April 24th.
According to Zacks, analysts expect that Corning will report full-year sales of $2.50 billion for the current year, with estimates ranging from $10.83 billion to $11.02 billion. For the next financial year, analysts forecast that the business will report sales of $11.67 billion per share, with estimates ranging from $11.54 billion to $11.83 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Corning.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis.
GLW has been the subject of a number of recent analyst reports. Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, December 19th. Deutsche Bank increased their price target on shares of Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Barclays set a $38.00 price target on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Two analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $31.47.
In related news, Director John A. Canning, Jr. bought 30,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $29.60 per share, for a total transaction of $888,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC bought a new position in Corning during the third quarter worth about $275,460,000. Levin Capital Strategies L.P. increased its position in Corning by 465.8% during the fourth quarter. Levin Capital Strategies L.P. now owns 4,562,512 shares of the electronics maker’s stock worth $145,955,000 after acquiring an additional 3,756,170 shares during the period. Janus Henderson Group PLC increased its position in Corning by 17.0% during the third quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the period. Lord Abbett & CO. LLC increased its position in Corning by 236.4% during the second quarter. Lord Abbett & CO. LLC now owns 1,379,532 shares of the electronics maker’s stock worth $41,455,000 after acquiring an additional 969,488 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in Corning during the fourth quarter worth about $19,831,000. Institutional investors own 69.94% of the company’s stock.
Shares of Corning (GLW) traded down $0.07 during mid-day trading on Friday, reaching $29.47. 9,890,000 shares of the company’s stock were exchanged, compared to its average volume of 8,050,000. The firm has a market capitalization of $25,610.00, a PE ratio of -43.34, a P/E/G ratio of 4.41 and a beta of 1.34. The company has a current ratio of 2.75, a quick ratio of 2.22 and a debt-to-equity ratio of 0.35. Corning has a 12-month low of $26.32 and a 12-month high of $35.10.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is currently -91.18%.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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