$2.58 Billion in Sales Expected for Corning Incorporated (GLW) This Quarter
Analysts expect Corning Incorporated (NYSE:GLW) to post sales of $2.58 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Corning’s earnings. The lowest sales estimate is $2.54 billion and the highest is $2.62 billion. Corning reported sales of $2.55 billion during the same quarter last year, which would suggest a positive year over year growth rate of 1.2%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Tuesday, October 24th.
On average, analysts expect that Corning will report full year sales of $2.58 billion for the current year, with estimates ranging from $10.04 billion to $10.29 billion. For the next financial year, analysts forecast that the firm will report sales of $10.32 billion per share, with estimates ranging from $10.19 billion to $10.44 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Corning.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the business earned $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis.
Several research analysts have commented on the stock. Jefferies Group LLC reissued a “hold” rating and issued a $29.50 price target on shares of Corning in a report on Friday, October 6th. Guggenheim reissued a “buy” rating and issued a $35.00 price target on shares of Corning in a report on Thursday, September 21st. BidaskClub raised shares of Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $35.00 price target on shares of Corning in a report on Thursday, August 24th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a “neutral” rating to a “sell” rating and cut their price target for the company from $29.00 to $26.00 in a report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $28.90.
Shares of Corning (GLW) opened at 29.94 on Friday. The stock has a 50 day moving average of $29.49 and a 200-day moving average of $29.17. Corning has a 52-week low of $22.23 and a 52-week high of $32.17. The firm has a market capitalization of $27.04 billion, a P/E ratio of 13.37 and a beta of 1.38.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 16th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is currently 27.93%.
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In other news, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $28.61, for a total transaction of $1,376,856.25. Following the completion of the transaction, the insider now directly owns 136,079 shares of the company’s stock, valued at $3,893,220.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock worth $3,653,485 in the last three months. 0.59% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Waldron LP increased its holdings in Corning by 72.6% during the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock valued at $376,000 after buying an additional 6,303 shares during the last quarter. Smith Moore & CO. increased its holdings in Corning by 1.8% during the first quarter. Smith Moore & CO. now owns 11,450 shares of the electronics maker’s stock valued at $309,000 after buying an additional 200 shares during the last quarter. Mutual of America Capital Management LLC increased its holdings in Corning by 61.2% during the first quarter. Mutual of America Capital Management LLC now owns 182,887 shares of the electronics maker’s stock valued at $4,938,000 after buying an additional 69,430 shares during the last quarter. Stevens Capital Management LP increased its holdings in Corning by 3,156.0% during the first quarter. Stevens Capital Management LP now owns 348,166 shares of the electronics maker’s stock valued at $9,400,000 after buying an additional 337,473 shares during the last quarter. Finally, Pitcairn Co. increased its holdings in Corning by 9.5% during the first quarter. Pitcairn Co. now owns 19,889 shares of the electronics maker’s stock valued at $537,000 after buying an additional 1,732 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.
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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