Wall Street brokerages forecast that Corning Inc. (NYSE:GLW) will post sales of $2.51 billion for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Corning’s earnings. The highest sales estimate is $2.54 billion and the lowest is $2.48 billion. Corning posted sales of $2.49 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.8%. The firm is scheduled to announce its next earnings results before the market opens on Tuesday, April 24th.
According to Zacks, analysts expect that Corning will report full year sales of $10.93 billion for the current financial year, with estimates ranging from $10.83 billion to $11.02 billion. For the next fiscal year, analysts anticipate that the company will post sales of $11.73 billion per share, with estimates ranging from $11.64 billion to $11.83 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Corning.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.02. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the prior year, the company earned $0.50 EPS. Corning’s revenue was up 7.4% compared to the same quarter last year.
Shares of GLW traded down $0.15 during trading hours on Friday, reaching $27.42. The stock had a trading volume of 5,728,476 shares, compared to its average volume of 7,339,995. Corning has a 12 month low of $26.31 and a 12 month high of $35.10. The stock has a market capitalization of $23,502.79, a price-to-earnings ratio of 15.94, a PEG ratio of 4.07 and a beta of 1.36. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Wednesday, February 28th were issued a dividend of $0.18 per share. This is an increase from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Tuesday, February 27th. Corning’s dividend payout ratio (DPR) is presently 41.86%.
In other Corning news, Director John A. Canning, Jr. purchased 30,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was purchased at an average cost of $29.60 per share, for a total transaction of $888,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of the stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Motco grew its stake in shares of Corning by 150.4% in the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after buying an additional 2,125 shares during the period. Financial Advocates Investment Management acquired a new stake in shares of Corning in the 4th quarter valued at about $130,000. Valeo Financial Advisors LLC grew its stake in shares of Corning by 163.9% in the 4th quarter. Valeo Financial Advisors LLC now owns 4,991 shares of the electronics maker’s stock valued at $160,000 after buying an additional 3,100 shares during the period. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Corning in the 3rd quarter valued at about $163,000. Finally, Resources Investment Advisors Inc. grew its stake in shares of Corning by 611.0% in the 4th quarter. Resources Investment Advisors Inc. now owns 5,190 shares of the electronics maker’s stock valued at $166,000 after buying an additional 4,460 shares during the period. Hedge funds and other institutional investors own 72.88% of the company’s stock.
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Corning Company Profile
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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