Brokerages Predict Corning Incorporated (NYSE: GLW) to Announce EPS of $ 0.53
Wall Street analysts expect Corning Incorporated (NYSE: GLW) to report earnings of $ 0.53 per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts provided earnings estimates for Corning, with the lowest EPS estimate being $ 0.50 and the highest estimate being $ 0.55. Corning posted earnings per share of $ 0.52 in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.9%. The company is expected to announce its next quarterly earnings report on Wednesday, January 26.
On average, analysts expect Corning to report annual earnings of $ 2.06 per share for the current year, with EPS estimates ranging from $ 2.04 to $ 2.08. For the next fiscal year, analysts predict the company will post earnings of $ 2.32 per share, with EPS estimates ranging from $ 2.17 to $ 2.45. Zacks’ EPS calculations are an average based on a survey of research companies that follow Corning.
Corning (NYSE: GLW) last released its quarterly results on Tuesday, October 26. The electronics maker reported earnings per share (EPS) of $ 0.56 for the quarter, missing Zacks’ consensus estimate of $ 0.58 ($ 0.02). Corning reported a return on equity of 22.27% and a net margin of 12.15%. The company posted revenue of $ 3.64 billion in the quarter, compared to a consensus estimate of $ 3.63 billion. In the same quarter of the previous year, the company posted earnings per share of $ 0.43. The company’s quarterly revenue increased 21.0% compared to the same quarter last year.
A number of analysts have recently weighed on GLW stocks. Barclays lowered its price target for Corning shares from $ 52.00 to $ 47.00 and set an “overweight” rating on the stock in a report released on Wednesday, October 27. Susquehanna Bancshares reissued a “conservation” note and set a target price of $ 38.00 for Corning shares in a research note on Wednesday, October 27. Morgan Stanley lowered its target price on Corning shares from $ 42.00 to $ 40.00 and set an “equal weight” rating on the stock in a Wednesday October 27 research note. The Goldman Sachs group lowered its target price for Corning shares from $ 44.00 to $ 38.00 and set a âneutralâ rating on the stock in a research note on Wednesday, October 27. Finally, Susquehanna reissued a “neutral” rating and set a target price of $ 38.00 (up from 44.00 previously) on Corning shares in a research note on Wednesday, October 27. Four research analysts rated the stock with a conservation rating and eight gave the company a buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $ 44.92.
GLW shares traded down $ 0.40 during trading hours on Friday, reaching $ 37.13. The stock had a trading volume of 4,880,437 shares, compared to its average volume of 3,977,640. The company has a leverage ratio of 0.57, a current ratio of 1.77 and a rapid ratio of 1.20. Corning has a year-over-year low of $ 34.81 and a year-over-year high of $ 46.82. The company has a 50-day simple moving average of $ 37.58 and a 200-day simple moving average of $ 39.66. The company has a market cap of $ 31.69 billion, a PE ratio of 38.68, a price / earnings-growth ratio of 0.91, and a beta of 1.09.
The company also recently unveiled a quarterly dividend, which will be paid on Friday, December 17. Shareholders of record on Friday, November 12 will receive a dividend of $ 0.24. The ex-dividend date is Wednesday, November 10. This represents an annualized dividend of $ 0.96 and a dividend yield of 2.59%. Corning’s dividend payout ratio is currently 100.00%.
Meanwhile, Vice President Clark S. Kinlin sold 15,302 Corning shares in a trade that took place on Tuesday, September 7. The shares were 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 owns 59,945 shares of the company, valued at approximately $ 2,361,833. The sale was disclosed in a file with the Securities & Exchange Commission, accessible through the SEC website. Insiders own 0.48% of the shares of the company.
Institutional investors and hedge funds have recently changed their positions in the company. Hexagon Capital Partners LLC acquired a new position in Corning shares in the second quarter valued at approximately $ 25,000. Canton Hathaway LLC increased its holdings of Corning shares by 82.1% in the third quarter. Canton Hathaway LLC now owns 743 shares of the electronics maker valued at $ 27,000 after purchasing an additional 335 shares during the period. Baldrige Asset Management LLC acquired a new position in Corning shares in the second quarter valued at approximately $ 31,000. Samalin Investment Counsel LLC acquired a new position in Corning shares in the second quarter valued at approximately $ 31,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Corning shares in the second quarter valued at approximately $ 107,000. Institutional investors hold 66.63% of the company’s shares.
Corning Company Profile
Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for laptops, flat panel 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 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.
Featured article: How is a management fee different from a performance fee?
Get a Free Copy of Zacks’ Research Report on Corning (GLW)
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant news alert was powered by storytelling technology and financial data from MarketBeat to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team before publication. Please send any questions or comments about this story to [emailÂ protected]
Should you invest $ 1,000 in Corning now?
Before you consider Corning, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly asking their clients to buy now before the broader market takes hold of … and Corning was not on the list.
While Corning currently has a âBuyâ rating among analysts, top-rated analysts believe these five stocks are better bids.
See the 5 actions here