Zacks: Analysts Anticipate Corning Incorporated (GLW) Will Post Earnings of $0.47 Per Share

Equities research analysts expect Corning Incorporated (NYSE:GLW) to report earnings of $0.47 per share for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.45 and the highest estimate coming in at $0.48. Corning posted earnings per share of $0.50 during the same quarter last year, which indicates a negative year-over-year growth rate of 6%. The business is expected to issue its next quarterly earnings results on Tuesday, January 23rd.

On average, analysts expect that Corning will report full-year earnings of $1.70 per share for the current year, with EPS estimates ranging from $1.68 to $1.71. For the next financial year, analysts expect that the company will report earnings of $1.71 per share, with EPS estimates ranging from $1.46 to $1.90. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that that provide coverage for Corning.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS.

A number of research firms recently issued reports on GLW. Guggenheim reiterated a “buy” rating and set a $35.00 price objective on shares of Corning in a research report on Tuesday, December 12th. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Tuesday, December 19th. Deutsche Bank upped their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Wednesday, October 25th. Finally, Citigroup boosted their target price on shares of Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, October 25th. Two equities 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 assigned a strong buy rating to the company. Corning has an average rating of “Hold” and a consensus price target of $29.76.

In other news, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $32.42, for a total value of $1,675,335.92. Following the sale, the insider now directly owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Eric S. Musser sold 29,949 shares of the stock in a transaction on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the transaction, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The disclosure for this sale can be found here. Insiders have sold a total of 348,320 shares of company stock worth $10,996,824 over the last three months. Insiders own 0.59% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atlantic Trust Group LLC raised its holdings in Corning by 37.4% during the third quarter. Atlantic Trust Group LLC now owns 51,773 shares of the electronics maker’s stock worth $1,549,000 after buying an additional 14,082 shares during the last quarter. AXA raised its holdings in Corning by 14.4% during the third quarter. AXA now owns 283,463 shares of the electronics maker’s stock worth $8,482,000 after buying an additional 35,648 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Corning during the third quarter worth $1,166,000. GSA Capital Partners LLP acquired a new position in Corning during the third quarter worth $223,000. Finally, Wealthsource Partners LLC acquired a new position in Corning during the third quarter worth $281,000. 72.11% of the stock is currently owned by institutional investors and hedge funds.

Corning (NYSE GLW) traded up $0.08 during mid-day trading on Monday, reaching $32.38. 2,390,033 shares of the company were exchanged, compared to its average volume of 6,123,271. The firm has a market cap of $28,210.00, a PE ratio of 13.78, a price-to-earnings-growth ratio of 2.69 and a beta of 1.33. Corning has a twelve month low of $24.12 and a twelve month high of $32.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.14 and a current ratio of 2.69.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 16th were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Wednesday, November 15th. Corning’s payout ratio is 26.38%.

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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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Earnings History and Estimates for Corning (NYSE:GLW)

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