Analysts predict that Corning Incorporated (NYSE:GLW) will post $2.98 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings, with estimates ranging from $2.96 billion to $3.00 billion. Corning posted sales of $2.76 billion in the same quarter last year, which suggests a positive year over year growth rate of 8%. The firm is expected to report its next quarterly earnings report on Wednesday, July 24th.
On average, analysts expect that Corning will report full year sales of $12.19 billion for the current financial year, with estimates ranging from $11.99 billion to $12.48 billion. For the next financial year, analysts anticipate that the business will report sales of $12.94 billion, with estimates ranging from $12.64 billion to $13.51 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Corning.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Corning had a return on equity of 15.02% and a net margin of 18.57%. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the prior year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year.
GLW stock traded down $1.18 during midday trading on Friday, hitting $29.62. The company’s stock had a trading volume of 2,859,890 shares, compared to its average volume of 4,425,839. Corning has a 12 month low of $26.23 and a 12 month high of $36.56. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 1.60 and a beta of 1.12.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Thursday, May 30th. Corning’s payout ratio is 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 sale, the chief executive officer now owns 114,943 shares of the company’s stock, valued at $3,881,625.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP David L. Morse sold 36,664 shares of the firm’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $35.00, for a total value of $1,283,240.00. Following the sale, the vice president now directly owns 47,527 shares in the company, valued at approximately $1,663,445. The disclosure for this sale can be found here. Insiders have sold a total of 293,066 shares of company stock worth $9,959,108 in the last three months. Corporate insiders own 0.46% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Standard Life Aberdeen plc raised its stake in shares of Corning by 6.5% in the third quarter. Standard Life Aberdeen plc now owns 322,788 shares of the electronics maker’s stock worth $11,394,000 after purchasing an additional 19,702 shares during the last quarter. Man Group plc boosted its stake in shares of Corning by 17.7% in the third quarter. Man Group plc now owns 18,431 shares of the electronics maker’s stock worth $650,000 after acquiring an additional 2,774 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Corning by 81.3% in the third quarter. Teachers Advisors LLC now owns 3,434,146 shares of the electronics maker’s stock worth $121,225,000 after acquiring an additional 1,539,875 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Corning by 61.5% in the third quarter. TIAA CREF Investment Management LLC now owns 4,100,427 shares of the electronics maker’s stock worth $144,745,000 after acquiring an additional 1,562,192 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in shares of Corning by 13.4% in the third quarter. Nordea Investment Management AB now owns 673,476 shares of the electronics maker’s stock worth $23,775,000 after acquiring an additional 79,515 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors.
Corning Company Profile
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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