Wall Street brokerages expect Corning Incorporated (NYSE:GLW) to announce $3.00 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings, with the lowest sales estimate coming in at $2.99 billion and the highest estimate coming in at $3.01 billion. Corning reported sales of $2.70 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 11.1%. The firm is expected to issue its next earnings report on Tuesday, October 23rd.

On average, analysts expect that Corning will report full-year sales of $11.26 billion for the current financial year, with estimates ranging from $11.25 billion to $11.26 billion. For the next financial year, analysts forecast that the company will post sales of $12.09 billion, with estimates ranging from $12.00 billion to $12.23 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Corning.

Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a negative net margin of 8.32% and a positive return on equity of 12.03%. The business’s revenue was up 10.0% on a year-over-year basis. During the same period last year, the firm posted $0.42 earnings per share.

Several research analysts have recently issued reports on GLW shares. Zacks Investment Research cut shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley upgraded shares of Corning from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 31st. Argus increased their price objective on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a report on Thursday, September 20th. UBS Group increased their price objective on shares of Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a report on Thursday, July 26th. Finally, TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a report on Wednesday, July 25th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $35.50.

Corning stock opened at $35.40 on Thursday. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $28.91 billion, a PE ratio of 20.74, a P/E/G ratio of 2.52 and a beta of 1.35. Corning has a 12-month low of $26.11 and a 12-month high of $36.56.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Thursday, August 30th. Corning’s dividend payout ratio is presently 41.86%.

In related news, CEO Wendell P. Weeks sold 237,470 shares of the stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $32.87, for a total transaction of $7,805,638.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the sale, the insider now directly owns 146,049 shares of the company’s stock, valued at $5,284,052.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 414,272 shares of company stock valued at $13,759,300. Company insiders own 0.46% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in GLW. Institutional & Family Asset Management LLC acquired a new stake in Corning during the first quarter valued at approximately $101,000. Founders Capital Management acquired a new stake in Corning during the second quarter valued at approximately $105,000. Private Capital Group LLC lifted its stake in Corning by 1,455.7% during the first quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock valued at $110,000 after purchasing an additional 3,683 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Corning by 16,371.4% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock valued at $127,000 after purchasing an additional 4,584 shares during the last quarter. Finally, City Holding Co. purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $137,000. 70.32% of the stock is owned by institutional investors and hedge funds.

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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