Brokerages expect that Corning Incorporated (NYSE:GLW) will announce sales of $3.67 billion for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings. The lowest sales estimate is $3.64 billion and the highest is $3.72 billion. Corning reported sales of $3.01 billion in the same quarter last year, which indicates a positive year over year growth rate of 21.9%. The company is scheduled to report its next quarterly earnings report on Tuesday, October 26th.
According to Zacks, analysts expect that Corning will report full-year sales of $14.08 billion for the current financial year, with estimates ranging from $13.99 billion to $14.21 billion. For the next year, analysts forecast that the business will report sales of $14.85 billion, with estimates ranging from $14.39 billion to $15.29 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Corning.
Corning (NYSE:GLW) last posted its earnings results on Monday, July 26th. The electronics maker reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. The firm had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.40 billion. Corning had a return on equity of 22.22% and a net margin of 13.14%. The business’s quarterly revenue was up 35.4% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share.
Corning stock opened at $37.99 on Tuesday. Corning has a 12 month low of $30.16 and a 12 month high of $46.82. The company has a current ratio of 1.65, a quick ratio of 1.14 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $32.44 billion, a PE ratio of 37.61, a P/E/G ratio of 0.80 and a beta of 1.14. The stock has a 50-day moving average price of $40.18 and a two-hundred day moving average price of $41.87.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 29th. Investors of record on Tuesday, August 31st will be given a dividend of $0.24 per share. The ex-dividend date is Monday, August 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.53%. Corning’s payout ratio is presently 69.06%.
In other news, VP Martin J. Curran sold 28,419 shares of the company’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $40.89, for a total value of $1,162,052.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert P. France sold 7,764 shares of the company’s stock in a transaction on Monday, July 26th. The stock was sold at an average price of $41.16, for a total transaction of $319,566.24. Following the completion of the sale, the vice president now owns 31,104 shares of the company’s stock, valued at approximately $1,280,240.64. The disclosure for this sale can be found here. Insiders have sold a total of 96,488 shares of company stock worth $3,926,785 in the last quarter. 0.48% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of GLW. Hexagon Capital Partners LLC bought a new position in Corning during the second quarter valued at about $25,000. Certified Advisory Corp bought a new position in Corning during the first quarter valued at about $27,000. Van ECK Associates Corp bought a new position in Corning during the first quarter valued at about $27,000. Solstein Capital LLC bought a new position in Corning during the first quarter valued at about $31,000. Finally, Baldrige Asset Management LLC bought a new position in Corning during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 66.83% of the company’s stock.
Corning, Inc develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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