Zacks: Brokerages Anticipate Corning Incorporated (NYSE:GLW) Will Post Earnings of $0.44 Per Share

Wall Street analysts predict that Corning Incorporated (NYSE:GLW) will report $0.44 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings, with the highest EPS estimate coming in at $0.45 and the lowest estimate coming in at $0.43. Corning reported earnings per share of $0.59 in the same quarter last year, which suggests a negative year-over-year growth rate of 25.4%. The company is expected to announce its next quarterly earnings report before the market opens on Wednesday, January 29th.

According to Zacks, analysts expect that Corning will report full-year earnings of $1.74 per share for the current year, with EPS estimates ranging from $1.73 to $1.75. For the next financial year, analysts expect that the company will post earnings of $1.84 per share, with EPS estimates ranging from $1.75 to $1.95. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Corning.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.04. Corning had a return on equity of 15.19% and a net margin of 10.41%. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same period in the previous year, the company posted $0.51 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year.

GLW has been the topic of a number of analyst reports. TheStreet upgraded Corning from a “c+” rating to a “b-” rating in a research note on Friday, November 8th. Citigroup restated a “buy” rating and set a $34.00 target price (up from $32.00) on shares of Corning in a research report on Wednesday, October 30th. Barclays set a $33.00 target price on Corning and gave the stock a “buy” rating in a research report on Tuesday, September 17th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $34.00 to $33.00 in a research report on Wednesday, January 8th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $32.55.

In other news, VP Lewis A. Steverson sold 63,381 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $30.19, for a total value of $1,913,472.39. Following the completion of the transaction, the vice president now directly owns 18,422 shares in the company, valued at approximately $556,160.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $29.78, for a total value of $29,780.00. Following the completion of the transaction, the vice president now owns 58,036 shares of the company’s stock, valued at $1,728,312.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,325 shares of company stock valued at $2,481,690. 0.46% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Horan Securities Inc. purchased a new position in shares of Corning in the 3rd quarter worth about $29,000. B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of Corning in the 3rd quarter worth about $29,000. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Corning by 351.9% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 950 shares in the last quarter. Pinebridge Investments L.P. purchased a new position in shares of Corning in the 2nd quarter worth about $46,000. Finally, Horan Capital Advisors LLC. purchased a new position in shares of Corning in the 3rd quarter worth about $44,000. Hedge funds and other institutional investors own 73.54% of the company’s stock.

Shares of NYSE:GLW traded down $0.29 during midday trading on Tuesday, reaching $30.11. 5,483,553 shares of the company traded hands, compared to its average volume of 6,108,650. 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 12 month low of $26.75 and a 12 month high of $35.34. The firm has a market capitalization of $23.38 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The firm’s fifty day moving average price is $29.01 and its two-hundred day moving average price is $29.60.

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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