Equities analysts predict that Corning Incorporated (NYSE:GLW) will announce earnings per share of $0.47 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Corning’s earnings, with the highest EPS estimate coming in at $0.49 and the lowest estimate coming in at $0.40. Corning posted earnings per share of $0.43 in the same quarter last year, which indicates a positive year-over-year growth rate of 9.3%. The business is expected to announce its next earnings results on Tuesday, October 23rd.
According to Zacks, analysts expect that Corning will report full year earnings of $1.73 per share for the current fiscal year, with EPS estimates ranging from $1.72 to $1.75. For the next financial year, analysts anticipate that the company will post earnings of $1.98 per share, with EPS estimates ranging from $1.75 to $2.10. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that that provide coverage for Corning.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm’s quarterly revenue was up 10.0% on a year-over-year basis.
GLW has been the subject of a number of recent analyst reports. Guggenheim restated a “buy” rating and issued a $35.00 price objective on shares of Corning in a research report on Tuesday, April 24th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Thursday, April 26th. JPMorgan Chase & Co. assumed coverage on Corning in a report on Thursday, May 3rd. They set a “neutral” rating and a $33.00 target price for the company. Finally, Morgan Stanley upgraded Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 31st. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $33.68.
In other news, VP Edward A. Schlesinger sold 3,953 shares of the firm’s stock in a transaction dated Monday, July 30th. The stock was sold at an average price of $33.46, for a total value of $132,267.38. Following the completion of the transaction, the vice president now owns 25,991 shares in the company, valued at approximately $869,658.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 224,884 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 111,835 shares of the company’s stock, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. Insiders sold a total of 612,264 shares of company stock valued at $19,079,432 in the last 90 days. 0.46% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Benedict Financial Advisors Inc. grew its holdings in shares of Corning by 21.9% in the 1st quarter. Benedict Financial Advisors Inc. now owns 21,809 shares of the electronics maker’s stock valued at $608,000 after acquiring an additional 3,925 shares in the last quarter. OLD Dominion Capital Management Inc. lifted its stake in Corning by 13.2% in the 1st quarter. OLD Dominion Capital Management Inc. now owns 21,495 shares of the electronics maker’s stock valued at $599,000 after purchasing an additional 2,511 shares during the last quarter. D.B. Root & Company LLC lifted its stake in Corning by 13.2% in the 1st quarter. D.B. Root & Company LLC now owns 29,710 shares of the electronics maker’s stock valued at $828,000 after purchasing an additional 3,456 shares during the last quarter. Dupont Capital Management Corp lifted its stake in Corning by 55.8% in the 1st quarter. Dupont Capital Management Corp now owns 7,319 shares of the electronics maker’s stock valued at $204,000 after purchasing an additional 2,622 shares during the last quarter. Finally, Abbot Financial Management Inc. lifted its stake in Corning by 4.8% in the 1st quarter. Abbot Financial Management Inc. now owns 74,650 shares of the electronics maker’s stock valued at $2,081,000 after purchasing an additional 3,400 shares during the last quarter. Institutional investors own 71.75% of the company’s stock.
Shares of GLW traded down $0.35 during trading hours on Friday, reaching $32.74. The stock had a trading volume of 3,838,718 shares, compared to its average volume of 6,270,940. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. Corning has a 52 week low of $26.11 and a 52 week high of $35.10. The stock has a market cap of $26.80 billion, a P/E ratio of 19.03, a P/E/G ratio of 2.33 and a beta of 1.40.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Thursday, August 30th. Corning’s dividend payout ratio (DPR) is presently 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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