$3.58 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Wall Street brokerages predict that Corning Incorporated (NYSE:GLW – Get Rating) will announce $3.58 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for Corning’s earnings, with the lowest sales estimate coming in at $3.56 billion and the highest estimate coming in at $3.60 billion. Corning posted sales of $3.26 billion during the same quarter last year, which suggests a positive year over year growth rate of 9.8%. The business is expected to announce its next earnings results before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Corning will report full-year sales of $15.09 billion for the current fiscal year, with estimates ranging from $14.96 billion to $15.25 billion. For the next fiscal year, analysts anticipate that the business will report sales of $15.88 billion, with estimates ranging from $15.41 billion to $16.25 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Corning.

Corning (NYSE:GLW – Get Rating) last released its quarterly earnings data on Wednesday, January 26th. The electronics maker reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.03. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.59 billion. Corning had a return on equity of 21.65% and a net margin of 13.53%. Corning’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS.

A number of research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Corning from a “buy” rating to a “hold” rating and set a $41.00 price objective on the stock. in a research note on Thursday, January 13th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Corning in a research report on Friday, March 11th. Citigroup decreased their target price on Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research report on Thursday, January 27th. UBS Group decreased their target price on Corning from $52.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday, January 4th. Finally, Susquehanna upgraded Corning from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $38.00 to $50.00 in a research note on Friday, January 28th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $47.27.

In related news, VP Michael Alan Bell sold 12,529 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP John Z. Zhang sold 13,320 shares of the firm’s stock in a transaction on Friday, February 4th. The shares were sold at an average price of $42.01, for a total transaction of $559,573.20. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Corning by 3.0% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 20,883 shares of the electronics maker’s stock valued at $771,000 after purchasing an additional 613 shares in the last quarter. O Keefe Stevens Advisory Inc. lifted its holdings in Corning by 1.1% during the first quarter. O Keefe Stevens Advisory Inc. now owns 275,920 shares of the electronics maker’s stock valued at $10,184,000 after purchasing an additional 3,044 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in Corning by 38.2% during the first quarter. Hexagon Capital Partners LLC now owns 3,615 shares of the electronics maker’s stock valued at $133,000 after purchasing an additional 1,000 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its holdings in Corning by 20.3% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 723,632 shares of the electronics maker’s stock valued at $27,042,000 after purchasing an additional 122,241 shares in the last quarter. Finally, Capital Investment Advisors LLC purchased a new position in shares of Corning in the first quarter worth about $292,000. 67.68% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:GLW traded up $0.19 during midday trading on Friday, reaching $33.86. The company’s stock had a trading volume of 173,424 shares, compared to its average volume of 5,069,324. The firm has a market capitalization of $28.63 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 1.56 and a beta of 0.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.08 and a current ratio of 1.59. The firm has a 50 day moving average price of $38.75 and a two-hundred day moving average price of $38.03. Corning has a fifty-two week low of $33.51 and a fifty-two week high of $46.82.

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 30th. Shareholders of record on Monday, February 28th were paid a dividend of $0.27 per share. This is a positive change from Corning’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, February 25th. This represents a $1.08 dividend on an annualized basis and a yield of 3.19%. Corning’s dividend payout ratio is presently 87.10%.

Corning Company Profile (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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