Corning Incorporated (GLW) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS
Corning Incorporated (NYSE:GLW) posted its quarterly earnings data on Tuesday. The electronics maker reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02, Bloomberg Earnings reports. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year.
Corning (NYSE:GLW) opened at 31.94 on Wednesday. The firm has a 50-day moving average of $29.79 and a 200-day moving average of $29.38. Corning has a 12-month low of $22.23 and a 12-month high of $32.31. The stock has a market cap of $28.85 billion, a PE ratio of 14.27 and a beta of 1.38.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a $0.155 dividend. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a yield of 1.94%. Corning’s payout ratio is 27.93%.
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GLW has been the subject of several research reports. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research note on Monday, July 10th. BidaskClub upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $35.00 price objective on shares of Corning in a research note on Thursday, August 24th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $28.90.
In other news, VP Christine M. Pambianchi sold 33,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total value of $942,480.00. Following the completion of the sale, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the sale, the insider now owns 72,039 shares of the company’s stock, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. Insiders sold a total of 127,888 shares of company stock valued at $3,653,485 in the last 90 days. Company insiders own 0.59% of the company’s stock.
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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