$0.30 EPS Expected for Corning Inc. (GLW) This Quarter

Analysts expect Corning Inc. (NYSE:GLW) to announce earnings of $0.30 per share for the current quarter, Zacks reports. Two analysts have issued estimates for Corning’s earnings, with the highest EPS estimate coming in at $0.33 and the lowest estimate coming in at $0.26. Corning reported earnings per share of $0.39 in the same quarter last year, which suggests a negative year over year growth rate of 23.1%. The company is expected to report its next earnings results before the market opens on Tuesday, April 24th.

On average, analysts expect that Corning will report full-year earnings of $1.66 per share for the current year, with EPS estimates ranging from $1.61 to $1.70. For the next year, analysts forecast that the firm will post earnings of $1.89 per share, with EPS estimates ranging from $1.73 to $1.96. Zacks’ EPS averages are a mean average based on a survey of analysts that follow Corning.

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Corning (NYSE:GLW) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period last year, the company posted $0.50 earnings per share.

Several research firms have commented 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. Citigroup lowered their price objective on shares of Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, March 9th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.22.

In other news, Director John A. Canning, Jr. bought 30,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was purchased at an average price of $29.60 per share, for a total transaction of $888,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total transaction of $29,900.00. The disclosure for this sale can be found here. 0.46% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. D.B. Root & Company LLC bought a new stake in shares of Corning in the 4th quarter worth about $840,000. Xact Kapitalforvaltning AB lifted its holdings in shares of Corning by 12.1% in the 4th quarter. Xact Kapitalforvaltning AB now owns 84,402 shares of the electronics maker’s stock worth $2,700,000 after acquiring an additional 9,108 shares during the last quarter. Pin Oak Investment Advisors Inc. bought a new stake in shares of Corning in the 4th quarter worth about $793,000. We Are One Seven LLC bought a new stake in shares of Corning in the 4th quarter worth about $659,000. Finally, Woodard & Co. Asset Management Group Inc. ADV bought a new stake in Corning during the 4th quarter valued at about $255,000. Hedge funds and other institutional investors own 72.88% of the company’s stock.

GLW stock opened at $26.55 on Friday. Corning has a 52 week low of $26.31 and a 52 week high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The firm has a market cap of $22,765.38, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 3.99 and a beta of 1.36.

The company also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is 41.86%.

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Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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Earnings History and Estimates for Corning (NYSE:GLW)

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