Corning Incorporated (NYSE:GLW) – Stock analysts at Oppenheimer Holdings cut their FY2017 earnings estimates for shares of Corning in a research note issued to investors on Thursday. Oppenheimer Holdings analyst A. Uerkwitz now expects that the electronics maker will post earnings per share of $1.67 for the year, down from their prior estimate of $1.70. Oppenheimer Holdings has a “Hold” rating on the stock.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.37 EPS. WARNING: This piece was reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of US & international copyright legislation. The original version of this piece can be read at https://www.com-unik.info/2017/08/19/corning-incorporated-glw-expected-to-earn-fy2017-earnings-of-1-67-per-share-updated-updated.html.
Shares of Corning (NYSE GLW) traded up 0.51% on Monday, hitting $29.29. 890,134 shares of the stock were exchanged. The company’s 50 day moving average is $30.32 and its 200-day moving average is $28.31. Corning has a 52-week low of $22.07 and a 52-week high of $32.17. The stock has a market cap of $26.45 billion, a PE ratio of 13.08 and a beta of 1.41.
A number of large investors have recently added to or reduced their stakes in GLW. BlackRock Inc. increased its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Corning during the first quarter worth approximately $58,813,000. Janus Capital Management LLC increased its stake in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares during the period. Gotham Asset Management LLC increased its stake in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the period. Finally, SG Americas Securities LLC increased its stake in Corning by 127.9% in the first quarter. SG Americas Securities LLC now owns 329,209 shares of the electronics maker’s stock worth $8,889,000 after buying an additional 1,510,245 shares during the period. 72.75% of the stock is owned by institutional investors.
In related news, insider Clark S. Kinlin sold 40,717 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $29.62, for a total transaction of $1,206,037.54. Following the completion of the sale, the insider now directly owns 72,707 shares of the company’s stock, valued at $2,153,581.34. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Edward A. Schlesinger sold 5,422 shares of the stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $29.15, for a total value of $158,051.30. Following the sale, the vice president now directly owns 33,083 shares of the company’s stock, valued at $964,369.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 393,122 shares of company stock valued at $11,547,457. Corporate insiders own 0.59% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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