Equities analysts predict that Corning Incorporated (NYSE:GLW) will post earnings of $0.37 per share for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings. The highest EPS estimate is $0.38 and the lowest is $0.33. Corning reported earnings of $0.42 per share in the same quarter last year, which indicates a negative year over year growth rate of 11.9%. The business is expected to announce its next quarterly earnings report before the market opens on Wednesday, July 25th.
On average, analysts expect that Corning will report full year earnings of $1.72 per share for the current financial year, with EPS estimates ranging from $1.69 to $1.75. For the next fiscal year, analysts anticipate that the business will post earnings of $1.94 per share, with EPS estimates ranging from $1.76 to $2.04. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow Corning.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, April 24th. The electronics maker reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Corning had a positive return on equity of 11.66% and a negative net margin of 11.44%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS.
Several analysts recently issued reports on GLW shares. Morgan Stanley raised Corning from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 31st. Citigroup decreased their target price on Corning from $35.00 to $32.00 and set a “neutral” rating on the stock in a research note on Friday, March 9th. Zacks Investment Research downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, May 22nd. Guggenheim set a $35.00 target price on Corning and gave the company a “buy” rating in a research note on Thursday, May 10th. Finally, JPMorgan Chase & Co. started coverage on Corning in a research note on Thursday, May 3rd. They set a “neutral” rating and a $33.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $31.70.
In other news, insider David L. Morse sold 33,000 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $28.81, for a total transaction of $950,730.00. Following the transaction, the insider now owns 46,953 shares of the company’s stock, valued at approximately $1,352,715.93. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 224,884 shares of the business’s 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 directly owns 111,835 shares in the company, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Institutional & Family Asset Management LLC bought a new position in shares of Corning during the 1st quarter valued at approximately $101,000. Private Capital Group LLC increased 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 valued at $110,000 after purchasing an additional 3,683 shares during the last quarter. Financial Advocates Investment Management bought a new position in shares of Corning during the 4th quarter valued at approximately $130,000. Bray Capital Advisors purchased a new position in Corning during the 1st quarter valued at $132,000. Finally, CAMG Solamere Management LLC boosted its holdings in Corning by 184.7% during the 1st quarter. CAMG Solamere Management LLC now owns 22,018 shares of the electronics maker’s stock valued at $188,000 after acquiring an additional 14,284 shares during the period. 70.06% of the stock is currently owned by hedge funds and other institutional investors.
GLW traded up $0.17 on Friday, hitting $28.13. 3,937,499 shares of the company’s stock traded hands, compared to its average volume of 6,672,742. The company has a market capitalization of $22.71 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 3.21 and a beta of 1.31. Corning has a one year low of $26.11 and a one year high of $35.10. The company has a current ratio of 2.56, a quick ratio of 1.95 and a debt-to-equity ratio of 0.39.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Thursday, May 3rd were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend was Wednesday, May 2nd. Corning’s payout ratio is 41.86%.
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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