Brokerages expect Corning Incorporated (NYSE:GLW) to post $2.50 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Corning’s earnings. The highest sales estimate is $2.54 billion and the lowest is $2.48 billion. Corning reported sales of $2.49 billion during the same quarter last year, which would suggest a positive year over year growth rate of 0.4%. The business is expected to announce its next quarterly earnings report on Tuesday, April 24th.

According to Zacks, analysts expect that Corning will report full-year sales of $2.50 billion for the current financial year, with estimates ranging from $10.83 billion to $11.02 billion. For the next year, analysts expect that the company will post sales of $11.67 billion per share, with estimates ranging from $11.54 billion to $11.83 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that follow Corning.

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

GLW has been the subject of a number of recent research reports. Guggenheim restated a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. 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 note on Tuesday, December 19th. Barclays set a $38.00 price objective on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Finally, TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $31.22.

In other news, Director John A. Canning, Jr. bought 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired 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 can be accessed through this link. Also, VP Christine M. Pambianchi sold 1,000 shares of the 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. Company insiders own 0.59% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Jennison Associates LLC grew its holdings in Corning by 24.8% during the 4th quarter. Jennison Associates LLC now owns 11,491,434 shares of the electronics maker’s stock worth $367,611,000 after acquiring an additional 2,284,899 shares during the last quarter. Lyrical Asset Management LP grew its holdings in Corning by 2.5% during the 4th quarter. Lyrical Asset Management LP now owns 10,718,170 shares of the electronics maker’s stock worth $342,874,000 after acquiring an additional 258,334 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Corning by 17.0% during the 3rd quarter. Janus Henderson Group PLC now owns 6,881,667 shares of the electronics maker’s stock worth $205,899,000 after acquiring an additional 999,912 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Corning by 2.4% during the 3rd quarter. Legal & General Group Plc now owns 5,186,504 shares of the electronics maker’s stock worth $155,178,000 after acquiring an additional 122,536 shares during the last quarter. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

Corning stock opened at $29.37 on Thursday. Corning has a one year low of $26.32 and a one year high of $35.10. The stock has a market cap of $25,089.08, a price-to-earnings ratio of 16.91, a PEG ratio of 4.38 and a beta of 1.35. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, February 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.45%. This is a boost from Corning’s previous quarterly dividend of $0.16. Corning’s dividend payout ratio (DPR) is -92.31%.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

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Earnings History and Estimates for Corning (NYSE:GLW)

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