Corning Incorporated (GLW) Expected to Announce Earnings of $0.41 Per Share
Wall Street analysts expect Corning Incorporated (NYSE:GLW) to post $0.41 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Corning’s earnings, with estimates ranging from $0.35 to $0.44. Corning reported earnings per share of $0.42 in the same quarter last year, which indicates a negative year over year growth rate of 2.4%. The company is scheduled to report its next earnings results on Tuesday, October 24th.
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 $1.67 to $1.73. For the next financial year, analysts forecast that the company will post earnings of $1.79 per share, with EPS estimates ranging from $1.51 to $1.90. Zacks’ earnings per share calculations are an average based on a survey of analysts that follow Corning.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the prior year, the company posted $0.37 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis.
Several equities analysts have weighed in on the stock. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday. Goldman Sachs Group, Inc. (The) cut shares of Corning from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $29.00 to $26.00 in a research report on Tuesday. BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective on the stock in a research report on Thursday, July 27th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $29.50 price objective on shares of Corning in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.08.
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Shares of Corning (NYSE GLW) traded down 0.14% on Wednesday, reaching $28.45. 7,186,021 shares of the company traded hands. Corning has a one year low of $22.14 and a one year high of $32.17. The company has a market capitalization of $25.70 billion, a PE ratio of 12.71 and a beta of 1.40. The firm has a 50-day moving average price of $30.15 and a 200 day moving average price of $28.59.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Tuesday, August 29th. Corning’s payout ratio is presently 27.93%.
In related news, CEO Wendell P. Weeks sold 153,500 shares of Corning stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the sale, the chief executive officer now owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Clark S. Kinlin sold 40,717 shares of Corning stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the sale, the insider now directly owns 72,707 shares of the company’s stock, valued at approximately $2,153,581.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 387,700 shares of company stock valued at $11,389,405. 0.59% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Clark Capital Management Group Inc. purchased a new position in shares of Corning during the first quarter valued at approximately $14,879,000. AXA increased its position in shares of Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock valued at $7,047,000 after buying an additional 17,315 shares during the period. Vanguard Group Inc. increased its position in shares of Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock valued at $1,650,659,000 after buying an additional 326,877 shares during the period. Amalgamated Bank increased its position in shares of Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock valued at $1,806,000 after buying an additional 3,862 shares during the period. Finally, DnB Asset Management AS increased its position in shares of Corning by 10.6% in the first quarter. DnB Asset Management AS now owns 110,995 shares of the electronics maker’s stock valued at $2,997,000 after buying an additional 10,600 shares during the period. Hedge funds and other institutional investors own 73.87% 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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