$0.45 Earnings Per Share Expected for Corning Incorporated (NYSE:GLW) This Quarter

Wall Street brokerages expect that Corning Incorporated (NYSE:GLW) will report earnings per share (EPS) of $0.45 for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.43 and the highest estimate coming in at $0.45. Corning posted earnings per share of $0.59 during the same quarter last year, which would indicate a negative year-over-year growth rate of 23.7%. The business is expected to announce its next earnings report on Tuesday, February 4th.

According to Zacks, analysts expect that Corning will report full-year earnings of $1.74 per share for the current fiscal year, with EPS estimates ranging from $1.73 to $1.75. For the next year, analysts forecast that the firm will report earnings of $1.85 per share, with EPS estimates ranging from $1.75 to $1.95. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Corning.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The firm had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the prior year, the company earned $0.51 EPS. The company’s revenue was down 2.5% compared to the same quarter last year.

GLW has been the subject of a number of recent research reports. JPMorgan Chase & Co. set a $30.00 price objective on shares of Corning and gave the stock a “hold” rating in a research note on Tuesday, September 17th. Cross Research downgraded Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Citigroup restated a “buy” rating and set a $34.00 price objective (up from $32.00) on shares of Corning in a research note on Wednesday, October 30th. Barclays set a $33.00 price objective on Corning and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Morgan Stanley cut their target price on Corning from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.64.

In other Corning news, Director Hansel E. Tookes II sold 2,345 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $30.00, for a total transaction of $70,350.00. Following the completion of the sale, the director now directly owns 89,208 shares in the company, valued at approximately $2,676,240. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $29.78, for a total value of $29,780.00. Following the transaction, the vice president now directly owns 58,036 shares of the company’s stock, valued at approximately $1,728,312.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,325 shares of company stock valued at $2,481,690. Corporate insiders own 0.46% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Legacy Capital Partners Inc. boosted its position in Corning by 6.3% during the second quarter. Legacy Capital Partners Inc. now owns 6,750 shares of the electronics maker’s stock worth $224,000 after acquiring an additional 400 shares during the last quarter. NEXT Financial Group Inc increased its holdings in shares of Corning by 44.0% in the second quarter. NEXT Financial Group Inc now owns 4,038 shares of the electronics maker’s stock valued at $134,000 after purchasing an additional 1,234 shares during the last quarter. FDx Advisors Inc. lifted its position in Corning by 57.4% during the second quarter. FDx Advisors Inc. now owns 30,751 shares of the electronics maker’s stock worth $1,022,000 after buying an additional 11,215 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Corning during the second quarter worth approximately $33,000. Finally, Flagship Harbor Advisors LLC boosted its stake in Corning by 3.9% during the second quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock worth $285,000 after buying an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 73.57% of the company’s stock.

Shares of GLW stock opened at $28.75 on Friday. The firm has a market cap of $22.33 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 2.06 and a beta of 1.14. The company’s 50 day moving average is $29.55 and its 200 day moving average is $29.95. The company has a quick ratio of 1.06, a current ratio of 1.71 and a debt-to-equity ratio of 0.57. Corning has a 52-week low of $26.75 and a 52-week high of $35.34.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Thursday, November 14th. Corning’s payout ratio is 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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