$3.79 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Equities research analysts expect Corning Incorporated (NYSE:GLWGet Rating) to report $3.79 billion in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Corning’s earnings. The lowest sales estimate is $3.74 billion and the highest is $3.84 billion. Corning posted sales of $3.50 billion during the same quarter last year, which would indicate a positive year over year growth rate of 8.3%. The business is expected to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Corning will report full year sales of $15.37 billion for the current year, with estimates ranging from $15.20 billion to $15.56 billion. For the next fiscal year, analysts expect that the firm will post sales of $16.13 billion, with estimates ranging from $15.57 billion to $16.62 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Corning.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Tuesday, April 26th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.50 by $0.04. The company had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 13.05% and a return on equity of 21.56%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 earnings per share.

Several analysts recently issued reports 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 report on Friday, January 28th. Susquehanna upgraded shares of Corning from a “neutral” rating to a “positive” rating and upped their target price for the company from $38.00 to $50.00 in a research note on Friday, January 28th. Morgan Stanley reiterated a “hold” rating and set a $40.00 target price on shares of Corning in a research note on Thursday, April 14th. Citigroup cut their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, January 27th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $50.00 target price on shares of Corning in a research note on Friday, March 11th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $46.00.

NYSE GLW opened at $33.52 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.04 and a debt-to-equity ratio of 0.54. The company has a fifty day simple moving average of $35.88 and a 200 day simple moving average of $37.65. The company has a market cap of $28.31 billion, a P/E ratio of 26.82, a P/E/G ratio of 2.40 and a beta of 0.92. Corning has a 1 year low of $33.19 and a 1 year high of $44.30.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 29th. Stockholders of record on Tuesday, May 31st will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Friday, May 27th. Corning’s dividend payout ratio is 86.40%.

In related news, VP Robert P. France sold 2,190 shares of the stock in a transaction dated Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total transaction of $76,715.70. Following the completion of the sale, the vice president now owns 30,000 shares in the company, valued at approximately $1,050,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Alan Bell sold 12,529 shares of the stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $36.24, for a total transaction of $454,050.96. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

A number of large investors have recently modified their holdings of GLW. Norges Bank bought a new stake in Corning during the 4th quarter worth about $281,919,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in Corning by 1,397.9% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,640,077 shares of the electronics maker’s stock worth $169,316,000 after acquiring an additional 4,330,300 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Corning by 755.8% in the 3rd quarter. Renaissance Technologies LLC now owns 1,778,400 shares of the electronics maker’s stock valued at $64,894,000 after purchasing an additional 1,570,584 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Corning by 197.7% in the 1st quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock valued at $75,066,000 after purchasing an additional 1,350,499 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Corning by 77.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock valued at $113,828,000 after purchasing an additional 1,342,976 shares during the last quarter. 68.71% of the stock is currently owned by hedge funds and other institutional investors.

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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