$3.10 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Wall Street brokerages predict that Corning Incorporated (NYSE:GLW) will report $3.10 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Corning’s earnings. The highest sales estimate is $3.18 billion and the lowest is $3.05 billion. Corning posted sales of $3.05 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.6%. The firm is scheduled to issue its next earnings report on Tuesday, October 22nd.

According to Zacks, analysts expect that Corning will report full-year sales of $11.96 billion for the current year, with estimates ranging from $11.85 billion to $12.17 billion. For the next year, analysts expect that the company will post sales of $12.51 billion, with estimates ranging from $12.17 billion to $12.74 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Corning.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The business’s revenue was up 7.0% on a year-over-year basis.

Several brokerages have recently commented on GLW. Susquehanna Bancshares reissued a “neutral” rating and issued a $30.00 price objective (down from $40.00) on shares of Corning in a research note on Thursday, August 1st. Barclays began coverage on Corning in a research note on Wednesday, August 7th. They issued an “overweight” rating and a $35.00 price objective for the company. Zacks Investment Research raised Corning from a “sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Tuesday, August 6th. S&P Equity Research downgraded Corning from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. Finally, Bank of America raised Corning from a “neutral” rating to a “buy” rating and set a $32.31 price objective for the company in a research note on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Corning presently has an average rating of “Buy” and a consensus price target of $34.73.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $31.84, for a total value of $6,207,526.40. Following the completion of the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at $2,113,188.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.46% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in GLW. Nuveen Asset Management LLC raised its position in shares of Corning by 6,470.7% in the second quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after buying an additional 5,760,811 shares in the last quarter. Morgan Stanley raised its position in shares of Corning by 82.0% in the second quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after buying an additional 3,614,848 shares in the last quarter. FMR LLC raised its position in shares of Corning by 42.6% in the first quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after buying an additional 2,837,072 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Corning by 29.1% in the second quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after buying an additional 2,117,416 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. raised its position in shares of Corning by 1,247.2% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after buying an additional 1,558,950 shares in the last quarter. 71.56% of the stock is owned by institutional investors.

Shares of NYSE GLW traded up $0.50 during trading on Friday, reaching $27.63. The company had a trading volume of 5,254,400 shares, compared to its average volume of 6,701,377. The company’s fifty day moving average price is $31.69 and its 200-day moving average price is $32.58. Corning has a 12 month low of $26.98 and a 12 month high of $36.56. The stock has a market cap of $21.33 billion, a P/E ratio of 15.52, a PEG ratio of 1.38 and a beta of 1.16. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, August 30th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is presently 44.94%.

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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