$0.47 EPS Expected for Corning Incorporated (GLW) This Quarter

Equities research analysts expect that Corning Incorporated (NYSE:GLW) will report earnings per share of $0.47 for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Corning’s earnings, with estimates ranging from $0.40 to $0.49. Corning posted earnings per share of $0.43 during the same quarter last year, which indicates a positive year-over-year growth rate of 9.3%. The business is scheduled to issue its next quarterly earnings report on Tuesday, October 23rd.

On average, analysts expect that Corning will report full-year earnings of $1.73 per share for the current fiscal year, with EPS estimates ranging from $1.72 to $1.75. For the next financial year, analysts anticipate that the firm will post earnings of $1.98 per share, with EPS estimates ranging from $1.75 to $2.10. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Corning.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share.

A number of research firms have recently issued reports on GLW. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 target price on the stock in a report on Wednesday, June 20th. Guggenheim reaffirmed a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Wednesday. ValuEngine lowered Corning from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Finally, Morgan Stanley upped their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $33.68.

In other Corning news, CEO Wendell P. Weeks sold 237,470 shares of the company’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Wendell P. Weeks sold 224,884 shares of the company’s stock in a transaction on Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the completion of the sale, the chief executive officer now directly owns 111,835 shares in the company, valued at approximately $3,210,782.85. The disclosure for this sale can be found here. Insiders sold 612,264 shares of company stock worth $19,079,432 in the last three months. 0.46% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of GLW. Institutional & Family Asset Management LLC acquired a new stake in Corning in the first quarter valued at $101,000. Founders Capital Management acquired a new stake in Corning in the second quarter valued at $105,000. Private Capital Group LLC grew its holdings in Corning by 1,455.7% in the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after purchasing an additional 3,683 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Corning by 16,371.4% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, Bray Capital Advisors purchased a new stake in shares of Corning in the first quarter valued at $132,000. 71.75% of the stock is currently owned by institutional investors.

Shares of Corning traded down $0.35, reaching $32.74, during trading on Friday, MarketBeat reports. The company had a trading volume of 3,838,718 shares, compared to its average volume of 6,270,940. The firm has a market cap of $26.80 billion, a P/E ratio of 19.03, a PEG ratio of 2.33 and a beta of 1.40. The company has a current ratio of 2.23, a quick ratio of 1.58 and a debt-to-equity ratio of 0.44. Corning has a fifty-two week low of $26.11 and a fifty-two week high of $35.10.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.20%. The ex-dividend date is Thursday, August 30th. Corning’s dividend payout ratio (DPR) is 41.86%.

About Corning

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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