$2.89 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Wall Street analysts forecast that Corning Incorporated (NYSE:GLW) will post sales of $2.89 billion for the current quarter, Zacks reports. Three analysts have made estimates for Corning’s earnings, with the lowest sales estimate coming in at $2.89 billion and the highest estimate coming in at $2.90 billion. Corning reported sales of $3.05 billion in the same quarter last year, which would suggest a negative year over year growth rate of 5.2%. The firm is expected to issue its next earnings report before the market opens on Tuesday, October 29th.

On average, analysts expect that Corning will report full-year sales of $11.43 billion for the current year, with estimates ranging from $11.41 billion to $11.46 billion. For the next financial year, analysts forecast that the firm will report sales of $11.79 billion, with estimates ranging from $11.54 billion to $12.00 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Corning.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the company posted $0.38 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year.

A number of analysts recently commented on the company. S&P Equity Research lowered Corning from a “positive” rating to a “neutral” rating and decreased their target price for the company from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Susquehanna Bancshares reaffirmed a “neutral” rating and issued a $30.00 target price (down from $40.00) on shares of Corning in a research report on Thursday, August 1st. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research report on Monday, August 26th. UBS Group decreased their target price on Corning from $33.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. Finally, Morgan Stanley decreased their target price on Corning from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Corning currently has an average rating of “Buy” and an average target price of $33.67.

In other Corning news, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now owns 70,648 shares in the company, valued at approximately $1,973,905.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.46% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. Nuveen Asset Management LLC boosted its stake in shares of Corning by 6,470.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after buying an additional 5,760,811 shares during the last quarter. Morgan Stanley boosted its stake in shares of Corning by 82.0% in the 2nd quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after buying an additional 3,614,848 shares during the last quarter. FMR LLC boosted its stake in shares of Corning by 42.6% in the 1st quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after buying an additional 2,837,072 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Corning by 29.1% in the 2nd quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after buying an additional 2,117,416 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. boosted its stake in shares of Corning by 1,247.2% in the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after buying an additional 1,558,950 shares during the last quarter. Hedge funds and other institutional investors own 71.27% of the company’s stock.

Corning stock traded down $0.02 during midday trading on Thursday, reaching $29.33. The stock had a trading volume of 7,201,243 shares, compared to its average volume of 4,678,485. Corning has a 12 month low of $26.75 and a 12 month high of $35.34. The company has a market capitalization of $22.92 billion, a P/E ratio of 16.48, a PEG ratio of 1.89 and a beta of 1.16. The company has a fifty day moving average price of $28.39 and a two-hundred day moving average price of $30.79. The company has a current ratio of 1.85, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.73%. Corning’s dividend payout ratio (DPR) is currently 44.94%.

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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