Wall Street brokerages forecast that Corning Incorporated (NYSE:GLW) will report $0.47 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Corning’s earnings. The lowest EPS estimate is $0.45 and the highest is $0.48. Corning reported earnings per share of $0.50 in the same quarter last year, which suggests a negative year over year growth rate of 6%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, January 23rd.
According to Zacks, analysts expect that Corning will report full-year earnings of $1.70 per share for the current fiscal year, with EPS estimates ranging from $1.68 to $1.71. For the next financial year, analysts expect that the firm will report earnings of $1.74 per share, with EPS estimates ranging from $1.46 to $1.90. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Corning.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the business earned $0.42 EPS. The business’s revenue was up 4.0% on a year-over-year basis.
GLW has been the topic of a number of recent research reports. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 target price on the stock in a research note on Monday, July 10th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Jefferies Group LLC reaffirmed a “hold” rating and set a $27.50 price objective on shares of Corning in a research report on Friday, July 14th. Drexel Hamilton reaffirmed a “sell” rating and set a $17.50 price objective on shares of Corning in a research report on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $29.28.
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In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.60, for a total transaction of $205,810.80. Following the completion of the transaction, the director now owns 88,946 shares in the company, valued at approximately $2,810,693.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the transaction, the chief executive officer now owns 65,333 shares of the company’s stock, valued at approximately $2,049,496.21. The disclosure for this sale can be found here. Insiders have sold a total of 413,207 shares of company stock valued at $12,611,130 in the last 90 days. 0.59% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Clark Capital Management Group Inc. purchased a new position in shares of Corning in the 1st quarter worth approximately $14,879,000. AXA boosted its holdings in shares of Corning by 7.1% in the 1st quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after purchasing an additional 17,315 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Corning by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after purchasing an additional 326,877 shares during the period. Amalgamated Bank boosted its holdings in shares of Corning by 6.1% in the 1st quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after purchasing an additional 3,862 shares during the period. Finally, Andra AP fonden boosted its holdings in shares of Corning by 3.4% in the 2nd quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after purchasing an additional 5,500 shares during the period. Hedge funds and other institutional investors own 71.15% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
Corning Company Profile
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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