Zacks: Brokerages Expect Corning Incorporated (GLW) to Announce $0.47 Earnings Per Share
Analysts expect Corning Incorporated (NYSE:GLW) to post $0.47 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have issued estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.45 and the highest estimate coming in at $0.48. Corning reported earnings of $0.50 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 6%. The firm is expected to report its next quarterly earnings results on Tuesday, January 23rd.
According to Zacks, analysts expect that Corning will report full-year earnings of $1.70 per share for the current year, with EPS estimates ranging from $1.68 to $1.71. For the next financial year, analysts expect that the company will report earnings of $1.74 per share, with EPS estimates ranging from $1.46 to $1.90. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that follow Corning.
Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share.
Shares of Corning (NYSE GLW) traded down 0.79% during midday trading on Monday, hitting $31.26. The stock had a trading volume of 4,669,043 shares. The firm has a market cap of $28.23 billion, a price-to-earnings ratio of 13.96 and a beta of 1.38. The company’s 50-day moving average price is $30.04 and its 200-day moving average price is $29.45. Corning has a 12-month low of $22.23 and a 12-month high of $32.31.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s payout ratio is 26.38%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total value of $1,334,148.39. Following the sale, the insider now directly owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now directly owns 88,946 shares in the company, valued at $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold 164,350 shares of company stock worth $4,804,486 over the last three months. Company insiders own 0.59% of the company’s stock.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Corning by 1.6% in the second quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock valued at $1,866,151,000 after purchasing an additional 965,976 shares during the last quarter. BlackRock Inc. grew its position in shares of Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after purchasing an additional 54,041,176 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Corning by 5.7% in the second quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock valued at $537,381,000 after purchasing an additional 971,936 shares during the last quarter. LSV Asset Management grew its position in shares of Corning by 1.3% in the second quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock valued at $391,002,000 after purchasing an additional 165,214 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Corning by 12.8% in the first quarter. Geode Capital Management LLC now owns 9,425,858 shares of the electronics maker’s stock valued at $254,146,000 after purchasing an additional 1,071,544 shares during the last quarter. 71.15% of the stock is currently owned by 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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