$2.38 Billion in Sales Expected for Corning Incorporated (NYSE:GLW) This Quarter

Analysts expect that Corning Incorporated (NYSE:GLW) will announce $2.38 billion in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Corning’s earnings. The highest sales estimate is $2.42 billion and the lowest is $2.33 billion. Corning reported sales of $2.99 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 20.4%. The firm is scheduled to announce its next earnings results on Tuesday, August 4th.

On average, analysts expect that Corning will report full year sales of $10.37 billion for the current financial year, with estimates ranging from $10.21 billion to $10.53 billion. For the next fiscal year, analysts forecast that the company will report sales of $11.40 billion, with estimates ranging from $11.11 billion to $11.71 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Corning.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Corning had a net margin of 3.29% and a return on equity of 13.01%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was down 15.0% compared to the same quarter last year.

GLW has been the subject of several research reports. Barclays lowered shares of Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Morgan Stanley upped their price target on shares of Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. upped their price target on shares of Corning from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. Oppenheimer restated a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. Finally, ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Eleven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $29.73.

Several institutional investors have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Corning by 0.7% during the first quarter. State Street Corp now owns 37,563,385 shares of the electronics maker’s stock worth $771,552,000 after purchasing an additional 255,429 shares during the period. AXA boosted its holdings in shares of Corning by 106.4% during the first quarter. AXA now owns 105,072 shares of the electronics maker’s stock worth $2,158,000 after purchasing an additional 54,174 shares during the period. Coastline Trust Co raised its stake in Corning by 2.0% in the first quarter. Coastline Trust Co now owns 58,730 shares of the electronics maker’s stock worth $1,206,000 after buying an additional 1,170 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in Corning by 17.0% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 124,111 shares of the electronics maker’s stock worth $2,549,000 after buying an additional 18,057 shares in the last quarter. Finally, Guggenheim Capital LLC raised its stake in Corning by 6.4% in the first quarter. Guggenheim Capital LLC now owns 145,589 shares of the electronics maker’s stock worth $2,991,000 after buying an additional 8,719 shares in the last quarter. Institutional investors own 73.18% of the company’s stock.

NYSE:GLW traded up $0.22 during midday trading on Thursday, hitting $25.90. The company had a trading volume of 4,539,729 shares, compared to its average volume of 6,572,016. Corning has a 52-week low of $17.44 and a 52-week high of $34.26. The stock’s fifty day moving average price is $24.22 and its 200-day moving average price is $24.91. The company has a market capitalization of $19.54 billion, a PE ratio of 80.94, a P/E/G ratio of 13.26 and a beta of 1.09. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.78.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.40%. Corning’s dividend payout ratio is currently 50.00%.

Corning Company Profile

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Earnings History and Estimates for Corning (NYSE:GLW)

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