$2.38 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Analysts expect that Corning Incorporated (NYSE:GLW) will announce $2.38 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Corning’s earnings. The highest sales estimate is $2.42 billion and the lowest is $2.33 billion. Corning reported sales of $2.99 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 20.4%. The company is expected to report its next earnings results on Tuesday, August 4th.

According to Zacks, analysts expect that Corning will report full-year sales of $10.37 billion for the current fiscal year, with estimates ranging from $10.21 billion to $10.53 billion. For the next year, analysts anticipate that the company will post sales of $11.40 billion, with estimates ranging from $11.11 billion to $11.71 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Corning.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.03. Corning had a return on equity of 13.01% and a net margin of 3.29%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was down 15.0% compared to the same quarter last year.

A number of equities research analysts have recently weighed in on GLW shares. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research note on Tuesday, April 28th. Barclays downgraded Corning from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $26.00 to $22.00 in a research note on Wednesday, April 29th. Morgan Stanley raised their price target on Corning from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 10th. ValuEngine downgraded Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, March 3rd. Finally, Susquehanna Bancshares reaffirmed a “hold” rating and set a $22.00 price target on shares of Corning in a research note on Tuesday, April 28th. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $29.73.

NYSE GLW traded up $0.22 during trading on Thursday, reaching $25.90. 4,539,729 shares of the company’s stock were exchanged, compared to its average volume of 6,572,016. Corning has a fifty-two week low of $17.44 and a fifty-two week high of $34.26. The firm has a market capitalization of $19.54 billion, a PE ratio of 80.94, a P/E/G ratio of 13.26 and a beta of 1.09. The company has a current ratio of 2.18, a quick ratio of 1.44 and a debt-to-equity ratio of 0.78. The company’s fifty day simple moving average is $24.22 and its 200-day simple moving average is $24.91.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Friday, May 29th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Thursday, May 28th. Corning’s payout ratio is 50.00%.

Several hedge funds have recently modified their holdings of GLW. NWK Group Inc. bought a new position in Corning in the 4th quarter worth approximately $29,000. Farmers & Merchants Trust Co of Chambersburg PA increased its position in Corning by 700.0% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,400 shares of the electronics maker’s stock worth $29,000 after buying an additional 1,225 shares during the period. Whitnell & Co. increased its position in Corning by 42.7% in the 4th quarter. Whitnell & Co. now owns 1,427 shares of the electronics maker’s stock worth $42,000 after buying an additional 427 shares during the period. Procyon Private Wealth Partners LLC bought a new position in Corning in the 4th quarter worth approximately $51,000. Finally, TFG Advisers LLC bought a new position in Corning in the 4th quarter worth approximately $59,000. 73.18% of the stock is currently owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Corning (NYSE:GLW)

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