Zacks: Analysts Anticipate Corning Incorporated (NYSE:GLW) Will Post Quarterly Sales of $3.67 Billion

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.

Separately, Morgan Stanley upped their target price on Corning from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, July 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $47.57.

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.

About Corning

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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Earnings History and Estimates for Corning (NYSE:GLW)

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