Brokerages expect that Corning Incorporated (NYSE:GLW) will announce sales of $2.69 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Corning’s earnings. The lowest sales estimate is $2.65 billion and the highest is $2.72 billion. Corning posted sales of $3.08 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 12.7%. The company is expected to announce its next quarterly earnings report on Tuesday, February 4th.
According to Zacks, analysts expect that Corning will report full-year sales of $11.50 billion for the current financial year, with estimates ranging from $11.46 billion to $11.53 billion. For the next year, analysts expect that the firm will report sales of $11.73 billion, with estimates ranging from $11.51 billion to $11.89 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Corning.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Corning had a return on equity of 15.19% and a net margin of 10.41%. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same period in the previous year, the business earned $0.51 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis.
In related news, Director Deborah Rieman sold 2,345 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $30.05, for a total transaction of $70,467.25. Following the completion of the transaction, the director now directly owns 103,158 shares in the company, valued at $3,099,897.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 13,254 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $30.00, for a total transaction of $397,620.00. Following the transaction, the vice president now owns 6,529 shares of the company’s stock, valued at $195,870. The disclosure for this sale can be found here. Insiders have sold 82,325 shares of company stock valued at $2,481,690 in the last ninety days. Corporate insiders own 0.46% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Manchester Financial Inc. acquired a new position in Corning in the second quarter valued at approximately $29,000. Horan Securities Inc. purchased a new position in shares of Corning during the 3rd quarter valued at approximately $29,000. B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of Corning during the 3rd quarter valued at approximately $29,000. TRUE Private Wealth Advisors acquired a new position in shares of Corning in the 2nd quarter valued at $31,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Corning in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 73.57% of the company’s stock.
Corning stock traded up $0.20 during midday trading on Monday, reaching $27.89. The company’s stock had a trading volume of 4,697,711 shares, compared to its average volume of 4,897,234. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. The stock has a market capitalization of $21.45 billion, a P/E ratio of 15.67, a PEG ratio of 2.06 and a beta of 1.14. The stock’s 50-day simple moving average is $29.44 and its 200-day simple moving average is $29.91. Corning has a 52-week low of $26.75 and a 52-week high of $35.34.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Thursday, November 14th. Corning’s payout ratio is 44.94%.
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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