Analysts Anticipate Corning Incorporated (GLW) Will Post Earnings of $0.39 Per Share

Brokerages expect Corning Incorporated (NYSE:GLW) to announce earnings of $0.39 per share for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.37 and the highest estimate coming in at $0.42. Corning reported earnings of $0.31 per share in the same quarter last year, which indicates a positive year over year growth rate of 25.8%. The business is scheduled to issue its next earnings results before the market opens on Tuesday, April 30th.

According to Zacks, analysts expect that Corning will report full-year earnings of $2.00 per share for the current financial year, with EPS estimates ranging from $1.94 to $2.05. For the next year, analysts forecast that the company will post earnings of $2.22 per share, with EPS estimates ranging from $2.17 to $2.25. Zacks’ EPS averages are an average based on a survey of analysts that cover Corning.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Corning had a return on equity of 14.21% and a net margin of 9.44%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the company earned $0.49 EPS. The business’s revenue for the quarter was up 15.1% on a year-over-year basis.

Several analysts have weighed in on the company. Zacks Investment Research reaffirmed a “buy” rating and issued a $33.00 price target on shares of Corning in a report on Monday, December 31st. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a report on Friday, January 4th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Corning presently has an average rating of “Buy” and a consensus price target of $35.50.

Shares of NYSE:GLW traded down $0.06 on Tuesday, hitting $34.85. The company’s stock had a trading volume of 2,967,964 shares, compared to its average volume of 2,908,598. Corning has a 1 year low of $26.11 and a 1 year high of $36.56. The stock has a market cap of $27.36 billion, a P/E ratio of 19.58, a PEG ratio of 1.98 and a beta of 1.16. The company has a quick ratio of 1.51, a current ratio of 2.12 and a debt-to-equity ratio of 0.52.

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, February 28th were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, February 27th. This represents a $0.80 annualized dividend and a dividend yield of 2.30%. This is a boost from Corning’s previous quarterly dividend of $0.18. Corning’s dividend payout ratio (DPR) is presently 44.94%.

In related news, CEO Wendell P. Weeks sold 223,379 shares of the firm’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $33.77, for a total transaction of $7,543,508.83. Following the transaction, the chief executive officer now directly owns 114,943 shares of the company’s stock, valued at approximately $3,881,625.11. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Eric S. Musser sold 33,023 shares of the firm’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $34.29, for a total value of $1,132,358.67. Following the transaction, the vice president now directly owns 61,944 shares in the company, valued at $2,124,059.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 328,767 shares of company stock worth $11,162,588. Insiders own 0.46% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverview Trust Co purchased a new position in shares of Corning during the 4th quarter valued at about $26,000. Sontag Advisory LLC purchased a new position in shares of Corning during the 4th quarter valued at about $29,000. Athena Capital Advisors LLC purchased a new position in shares of Corning during the 4th quarter valued at about $33,000. Essex Savings Bank purchased a new position in shares of Corning during the 4th quarter valued at about $34,000. Finally, Hanson McClain Inc. raised its holdings in shares of Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock valued at $36,000 after buying an additional 500 shares in the last quarter. 72.08% of the stock is currently owned by institutional investors.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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