Corning (NYSE:GLW) is scheduled to issue its quarterly earnings data before the market opens on Tuesday, October 27th. Analysts expect Corning to post earnings of $0.34 per share for the quarter. Persons that wish to register for the company’s earnings conference call can do so using this link.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.13. Corning had a net margin of 1.89% and a return on equity of 11.59%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the firm earned $0.45 EPS. Corning’s quarterly revenue was down 11.6% compared to the same quarter last year. On average, analysts expect Corning to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.
Shares of Corning stock opened at $35.56 on Monday. The business has a fifty day simple moving average of $33.05 and a two-hundred day simple moving average of $27.75. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.27 and a quick ratio of 1.53. The company has a market capitalization of $27.09 billion, a price-to-earnings ratio of 355.64, a P/E/G ratio of 11.66 and a beta of 1.13. Corning has a 1 year low of $17.44 and a 1 year high of $35.83.
In other Corning news, CEO Wendell P. Weeks sold 94,928 shares of Corning stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $31.07, for a total transaction of $2,949,412.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of Corning stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the completion of the transaction, the insider now owns 169,128 shares in the company, valued at approximately $5,356,283.76. The disclosure for this sale can be found here. Insiders have sold 283,163 shares of company stock valued at $8,912,917 in the last three months. 0.47% of the stock is owned by corporate insiders.
GLW has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on Corning from $26.00 to $28.00 and gave the company an “equal weight” rating in a research note on Friday. Barclays increased their price target on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 29th. Citigroup raised their price objective on shares of Corning from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Bank of America raised their target price on Corning from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, September 17th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corning from $36.00 to $39.00 in a research report on Friday, September 11th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $32.50.
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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