Brokerage firms predict Corning Incorporated (NYSE: GLW) to report quarterly sales of $ 3.67 billion


Stock analysts predict that Corning Incorporated (NYSE: GLW) will report $ 3.67 billion in revenue for the current fiscal quarter, Zacks reports. Three analysts made estimates for Corning’s earnings. The highest sales estimate is $ 3.72 billion and the lowest is $ 3.64 billion. Corning reported sales of $ 3.01 billion in the same quarter last year, indicating a positive growth rate of 21.9% year-on-year. The company is expected to release its next results on Tuesday, October 26.

On average, analysts expect Corning to report annual revenue of $ 14.08 billion for the current fiscal year, with estimates ranging from $ 13.99 billion to $ 14.21 billion. dollars. For the next fiscal year, analysts predict the company will post revenue of $ 14.85 billion, with estimates ranging from $ 14.39 billion to $ 15.29 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research companies that cover Corning.

Corning (NYSE: GLW) last reported its quarterly results on Monday, July 26. The electronics maker reported EPS 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 for the quarter, compared to $ 3.40 billion according to analysts’ estimates. Corning reported a return on equity of 22.22% and a net margin of 13.14%. The company’s quarterly revenue increased 35.4% year-over-year. In the same quarter of the previous year, the company achieved EPS of $ 0.25.

Separately, Morgan Stanley raised its price target on Corning from $ 40.00 to $ 42.00 and gave the company an “equal weight” rating in a report released on Wednesday, July 28. One analyst rated the stock with a conservation rating and seven issued a buy rating for the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $ 47.57.

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Meanwhile, Vice President Clark S. Kinlin sold 15,302 shares of the company in a transaction dated Tuesday, September 7. The stock was sold for an average price of $ 39.40, for a total value of $ 602,898.80. As a result of the transaction, the Vice President now directly owns 59,945 shares of the company, valued at approximately $ 2,361,833. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC’s website. In addition, Executive Vice President Lewis A. Steveerson sold 7,466 shares of the company in a transaction dated Friday, August 6. The stock was sold for an average price of $ 41.07, for a total value of $ 306,628.62. Following the closing of the transaction, the Executive Vice President now owns 7,466 shares of the company, valued at $ 306,628.62. Disclosure of this sale can be found here. Insiders have sold a total of 96,488 shares of the company valued at $ 3,926,785 in the past ninety days. Company insiders own 0.48% of the company’s shares.

Several large investors have recently changed their positions in the stock. Vanguard Group Inc. increased its stake in Corning by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 91,392,469 shares of the electronics maker valued at $ 3,737,951,000 after purchasing an additional 1,284,868 shares in the last quarter. BlackRock Inc. increased its stake in Corning by 2.3% during the 2nd quarter. BlackRock Inc. now owns 55,346,594 shares of the electronics maker valued at $ 2,263,680,000 after purchasing an additional 1,242,400 shares in the last quarter. Geode Capital Management LLC increased its stake in Corning by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 13,110,179 shares of the electronics maker valued at $ 534,760,000 after purchasing an additional 259,430 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Corning by 5.0% during the 1st quarter. Ameriprise Financial Inc. now owns 12,032,668 shares of the electronics maker valued at $ 525,810,000 after purchasing an additional 574,661 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Corning by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 8,939,337 shares of the electronics maker valued at $ 365,608,000 after purchasing an additional 94,310 shares in the last quarter. Institutional investors and hedge funds hold 66.83% of the company’s shares.

Corning shares opened at $ 37.99 on Tuesday. The company has a leverage ratio of 0.58, a current ratio of 1.65, and a quick ratio of 1.14. Corning has a one-year low at $ 30.16 and a one-year high at $ 46.82. The company has a market cap of $ 32.44 billion, a P / E ratio of 37.61, a P / E / G ratio of 0.80 and a beta of 1.14. The company has a 50-day moving average price of $ 40.18 and a 200-day moving average price of $ 41.87.

The company also recently unveiled a quarterly dividend, which will be paid on Wednesday, September 29. Shareholders of record on Tuesday, August 31 will receive a dividend of $ 0.24 per share. The ex-dividend date of this dividend is Monday, August 30. This represents a dividend of $ 0.96 on an annualized basis and a dividend yield of 2.53%. Corning’s payout ratio is 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.

Read more: When Can a Hold Note Present a Buying Opportunity?

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Corning earnings history and estimates (NYSE: GLW)

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