Wall Street brokerages expect that Corning Incorporated (NYSE:GLW – Get Rating) will post $3.79 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Corning’s earnings. The highest sales estimate is $3.84 billion and the lowest is $3.74 billion. Corning posted sales of $3.50 billion during the same quarter last year, which would suggest a positive year over year growth rate of 8.3%. The firm is expected to issue its next earnings results on Monday, January 1st.
According to Zacks, analysts expect that Corning will report full year sales of $15.37 billion for the current year, with estimates ranging from $15.20 billion to $15.56 billion. For the next fiscal year, analysts forecast that the business will post sales of $16.13 billion, with estimates ranging from $15.57 billion to $16.62 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Corning.
Corning (NYSE:GLW – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.04. Corning had a net margin of 13.05% and a return on equity of 21.56%. The firm had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 14.7% on a year-over-year basis.
GLW opened at $34.26 on Friday. The firm’s 50-day simple moving average is $35.10 and its 200-day simple moving average is $37.34. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.04 and a current ratio of 1.55. Corning has a twelve month low of $32.24 and a twelve month high of $43.48. The firm has a market cap of $28.94 billion, a price-to-earnings ratio of 27.41, a PEG ratio of 2.44 and a beta of 0.92.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 29th. Investors of record on Tuesday, May 31st will be given a $0.27 dividend. The ex-dividend date of this dividend is Friday, May 27th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.15%. Corning’s dividend payout ratio is 86.40%.
In other Corning news, VP Robert P. France sold 2,190 shares of Corning stock in a transaction dated Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total value of $76,715.70. Following the transaction, the vice president now owns 30,000 shares in the company, valued at $1,050,900. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Alan Bell sold 12,529 shares of Corning stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $36.24, for a total value of $454,050.96. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after purchasing an additional 671,480 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Corning by 0.7% during the first quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker’s stock worth $1,997,293,000 after purchasing an additional 384,619 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Corning by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock worth $531,311,000 after purchasing an additional 943,020 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Corning by 0.8% during the fourth quarter. Northern Trust Corp now owns 11,518,876 shares of the electronics maker’s stock worth $428,847,000 after purchasing an additional 88,758 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Corning by 3.6% during the first quarter. Bank of America Corp DE now owns 10,820,097 shares of the electronics maker’s stock worth $399,370,000 after purchasing an additional 380,729 shares during the last quarter. Hedge funds and other institutional investors own 68.71% of the company’s stock.
Corning Company Profile (Get Rating)
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
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