Corning (NYSE:GLW) Releases Earnings Results, Beats Expectations By $0.04 EPS

Corning (NYSE:GLWGet Rating) announced its earnings results on Tuesday. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.04, Briefing.com reports. The company had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 13.53% and a return on equity of 21.65%. Corning’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share.

NYSE:GLW opened at $36.75 on Tuesday. The company has a market capitalization of $31.08 billion, a PE ratio of 27.76, a P/E/G ratio of 1.59 and a beta of 0.95. The company has a 50 day simple moving average of $37.29 and a two-hundred day simple moving average of $37.85. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.08 and a current ratio of 1.59. Corning has a fifty-two week low of $33.21 and a fifty-two week high of $46.82.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 30th. Stockholders of record on Monday, February 28th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, February 25th. This represents a $1.08 annualized dividend and a dividend yield of 2.94%. This is an increase from Corning’s previous quarterly dividend of $0.24. Corning’s dividend payout ratio is currently 87.10%.

In other Corning news, VP Michael Alan Bell sold 12,529 shares of the stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $36.24, for a total transaction of $454,050.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert P. France sold 2,190 shares of the stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $35.03, for a total value of $76,715.70. Following the completion of the transaction, the vice president now owns 30,000 shares in the company, valued at $1,050,900. The disclosure for this sale can be found here. Insiders have sold a total of 28,039 shares of company stock valued at $1,090,340 in the last three months. Insiders own 0.36% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Flagship Harbor Advisors LLC lifted its holdings in shares of Corning by 3.1% in the 4th quarter. Flagship Harbor Advisors LLC now owns 9,096 shares of the electronics maker’s stock worth $339,000 after purchasing an additional 273 shares in the last quarter. Horizon Investments LLC lifted its holdings in shares of Corning by 7.6% in the 4th quarter. Horizon Investments LLC now owns 6,200 shares of the electronics maker’s stock worth $231,000 after purchasing an additional 440 shares in the last quarter. Zullo Investment Group Inc. bought a new position in shares of Corning in the 4th quarter worth $32,000. Belpointe Asset Management LLC lifted its holdings in shares of Corning by 30.0% in the 4th quarter. Belpointe Asset Management LLC now owns 4,031 shares of the electronics maker’s stock worth $150,000 after purchasing an additional 931 shares in the last quarter. Finally, Salem Investment Counselors Inc. lifted its holdings in shares of Corning by 116.4% in the 4th quarter. Salem Investment Counselors Inc. now owns 3,645 shares of the electronics maker’s stock worth $136,000 after purchasing an additional 1,961 shares in the last quarter. Institutional investors own 67.68% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Susquehanna Bancshares raised shares of Corning from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $38.00 to $50.00 in a research report on Friday, January 28th. Morgan Stanley reissued a “hold” rating and set a $40.00 target price on shares of Corning in a research note on Thursday, April 14th. Susquehanna raised 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. StockNews.com initiated coverage on Corning in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Barclays boosted their target price on Corning from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, January 27th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $47.27.

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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Earnings History for Corning (NYSE:GLW)

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