Wall Street brokerages predict that Corning Incorporated (NYSE:GLW) will report sales of $2.51 billion for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Corning’s earnings. The highest sales estimate is $2.58 billion and the lowest is $2.44 billion. Corning posted sales of $2.44 billion during the same quarter last year, which would indicate a positive year over year growth rate of 2.9%. The company is scheduled to report its next earnings results on Wednesday, July 26th.

According to Zacks, analysts expect that Corning will report full-year sales of $2.51 billion for the current fiscal year, with estimates ranging from $9.86 billion to $10.37 billion. For the next financial year, analysts anticipate that the firm will post sales of $10.36 billion per share, with estimates ranging from $10.00 billion to $10.54 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Corning.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same period last year, the company earned $0.28 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year.

A number of brokerages recently weighed in on GLW. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $26.00 price target on shares of Corning in a research note on Wednesday, April 12th. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price target (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating and issued a $33.00 price target (up previously from $32.00) on shares of Corning in a research note on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Corning currently has a consensus rating of “Hold” and an average target price of $27.80.

Corning (NYSE:GLW) traded up 1.895% during midday trading on Friday, hitting $30.375. 2,439,831 shares of the company’s stock traded hands. The company has a 50 day moving average of $29.46 and a 200-day moving average of $27.34. The company has a market capitalization of $27.95 billion, a PE ratio of 8.053 and a beta of 1.41. Corning has a 52 week low of $19.78 and a 52 week high of $30.60.

The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Wednesday, May 31st were paid a $0.155 dividend. The ex-dividend date was Friday, May 26th. This represents a $0.62 annualized dividend and a dividend yield of 2.08%. Corning’s payout ratio is 16.89%.

In related news, insider Clark S. Kinlin sold 40,717 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total value of $1,206,037.54. Following the completion of the sale, the insider now owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 41,075 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The shares were sold at an average price of $28.46, for a total value of $1,168,994.50. The disclosure for this sale can be found here. In the last three months, insiders sold 457,433 shares of company stock valued at $13,393,083. 0.59% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the company. Central Bank & Trust Co. raised its stake in Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank raised its stake in Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. bought a new stake in Corning during the first quarter valued at $108,000. Wall Street Access Asset Management LLC bought a new stake in Corning during the fourth quarter valued at $109,000. Finally, Clean Yield Group bought a new stake in Corning during the first quarter valued at $122,000. Hedge funds and other institutional investors own 72.61% of the company’s stock.

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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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Earnings History and Estimates for Corning (NYSE:GLW)

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