Zacks: Brokerages Expect Corning Incorporated (NYSE:GLW) to Announce $0.17 Earnings Per Share

Wall Street analysts expect that Corning Incorporated (NYSE:GLW) will post $0.17 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.15 and the highest estimate coming in at $0.19. Corning posted earnings of $0.45 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 62.2%. The firm is scheduled to report its next earnings results on Tuesday, August 4th.

According to Zacks, analysts expect that Corning will report full-year earnings of $1.03 per share for the current financial year, with EPS estimates ranging from $0.94 to $1.19. For the next fiscal year, analysts forecast that the business will report earnings of $1.67 per share, with EPS estimates ranging from $1.53 to $1.82. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Corning.

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

A number of analysts recently issued reports on the stock. Barclays downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $26.00 to $22.00 in a report on Wednesday, April 29th. Oppenheimer reiterated a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. Morgan Stanley increased their target price on shares of Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, June 18th. Finally, ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $29.73.

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp increased its position in shares of Corning by 0.7% during the first quarter. State Street Corp now owns 37,563,385 shares of the electronics maker’s stock valued at $771,552,000 after acquiring an additional 255,429 shares during the last quarter. AXA increased its position in shares of Corning by 106.4% during the first quarter. AXA now owns 105,072 shares of the electronics maker’s stock valued at $2,158,000 after acquiring an additional 54,174 shares during the last quarter. Coastline Trust Co increased its position in shares of Corning by 2.0% during the first quarter. Coastline Trust Co now owns 58,730 shares of the electronics maker’s stock valued at $1,206,000 after acquiring an additional 1,170 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in shares of Corning by 17.0% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 124,111 shares of the electronics maker’s stock valued at $2,549,000 after acquiring an additional 18,057 shares during the last quarter. Finally, Guggenheim Capital LLC increased its position in shares of Corning by 6.4% during the first quarter. Guggenheim Capital LLC now owns 145,589 shares of the electronics maker’s stock valued at $2,991,000 after acquiring an additional 8,719 shares during the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.

Corning stock traded up $0.22 during mid-day trading on Tuesday, reaching $25.90. 4,539,729 shares of the company traded hands, compared to its average volume of 6,572,016. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.18 and a quick ratio of 1.44. Corning has a fifty-two week low of $17.44 and a fifty-two week high of $34.26. The company has a market capitalization of $19.54 billion, a price-to-earnings ratio of 80.94, a price-to-earnings-growth ratio of 13.26 and a beta of 1.09. The firm’s fifty day moving average is $24.22 and its two-hundred day moving average is $24.91.

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

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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