$ 3.67 billion in expected sales for Corning Incorporated (NYSE: GLW) this quarter
Brokerages expect Corning Incorporated (NYSE: GLW) to post sales of $ 3.67 billion for the current fiscal quarter, reports Zacks Investment Research. Three analysts have released estimates for Corning’s earnings. The lowest sales estimate is $ 3.64 billion and the highest is $ 3.72 billion. Corning reported sales of $ 3.01 billion in the same quarter last year, suggesting a positive growth rate of 21.9% year-over-year. The company is expected to report its next results on Tuesday, October 26.
According to Zacks, analysts expect Corning to report annual revenue of $ 14.08 billion for the current year, with estimates ranging from $ 13.99 billion to $ 14.21 billion. dollars. For next year, analysts expect the company to post revenue of $ 14.85 billion, with estimates ranging from $ 14.39 billion to $ 15.29 billion. Zacks’ sales calculations are an average based on a survey of research companies that cover Corning.
Corning (NYSE: GLW) last released its quarterly results on Monday, July 26. The electronics maker reported earnings per share of $ 0.53 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.51 per $ 0.02. The company posted revenue of $ 3.50 billion in the quarter, compared to $ 3.40 billion expected by analysts. Corning reported a return on equity of 22.22% and a net margin of 13.14%. The company’s revenue for the quarter increased 35.4% from the same quarter last year. During the same period last year, the company posted $ 0.25 in EPS.
Separately, Morgan Stanley raised its price target on Corning from $ 40.00 to $ 42.00 and gave the stock an “equal weight” rating in a research report published on Wednesday, July 28. An equity research analyst rated the stock with a conservation rating and eight gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $ 46.13.
In other news, director Roger W. Jr. Ferguson bought 1,420 shares of Corning in a trade that took place on Monday, June 14. The shares were purchased at an average price of $ 42.14 per share, for a total value of $ 59,838.80. In addition, Vice President Robert P. France sold 7,764 shares of the company in a transaction dated Monday, July 26. The shares were sold for an average price of $ 41.16, for a total value of $ 319,566.24. Following the transaction, the Vice-President now directly owns 31,104 shares of the company, valued at $ 1,280,240.64. Disclosure of this sale can be found here. Insiders sold 81,186 shares of the company valued at $ 3,323,886 in the last quarter. 0.48% of the shares are currently held by company insiders.
Several hedge funds have recently increased or reduced their holdings in GLW. JPMorgan Chase & Co. increased its stake in Corning shares by 249.7% in the second quarter. JPMorgan Chase & Co. now owns 4,970,117 shares of the electronics maker valued at $ 203,278,000 after purchasing an additional 3,548,969 shares in the last quarter. BlackRock Inc. increased its holdings of Corning shares by 4.3% in the first quarter. BlackRock Inc. now owns 54,104,194 shares of the electronics maker valued at $ 2,354,075,000 after purchasing an additional 2,216,672 shares in the last quarter. Holocene Advisors LP increased its holdings of Corning shares by 347.7% in the first quarter. Holocene Advisors LP now owns 2,648,981 shares of the electronics maker valued at $ 115,257,000 after purchasing an additional 2,057,360 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings of Corning shares by 93.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,301,058 shares of the electronics maker valued at $ 143,629,000 after purchasing an additional 1,595,296 shares in the last quarter. Finally, Amundi acquired a new position in Corning shares during the second quarter valued at approximately $ 60,871,000. Hedge funds and other institutional investors hold 66.83% of the company’s shares.
GLW shares opened at $ 39.16 on Thursday. The company has a market cap of $ 33.44 billion, a price / earnings ratio of 38.77, a PEG ratio of 0.83 and a beta of 1.14. Corning has a 52-week low of $ 30.16 and a 52-week high of $ 46.82. The company has a leverage ratio of 0.58, a quick ratio of 1.14 and a current ratio of 1.65. The company’s fifty-day moving average is $ 40.70 and its 200-day moving average is $ 41.77.
The company also recently unveiled a quarterly dividend, which will be paid on Wednesday, September 29. Investors of record on Tuesday, August 31 will receive a dividend of $ 0.24. The ex-dividend date is Monday, August 30. This represents a dividend of $ 0.96 on an annualized basis and a dividend yield of 2.45%. Corning’s dividend payout ratio (DPR) is currently 69.06%.
Corning Company Profile
Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for laptops, flat screen desktop monitors, flat screen TVs and other information display applications; operator network and company network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in the automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnological applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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