Analysts predict that Corning Incorporated (NYSE:GLW) will post earnings per share of $0.47 for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings, with the highest EPS estimate coming in at $0.48 and the lowest estimate coming in at $0.45. Corning reported earnings of $0.50 per share during the same quarter last year, which would suggest a negative year over year growth rate of 6%. The firm is scheduled to issue its next earnings results on Tuesday, January 23rd.

On average, analysts expect that Corning will report full-year earnings of $1.70 per share for the current fiscal year, with EPS estimates ranging from $1.68 to $1.71. For the next fiscal year, analysts anticipate that the firm will post earnings of $1.74 per share, with EPS estimates ranging from $1.46 to $1.90. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that cover Corning.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 EPS.

A number of brokerages have recently weighed in on GLW. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $26.00 in a research note on Tuesday, August 15th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research note on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Finally, Deutsche Bank AG boosted their target price on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Corning has an average rating of “Hold” and an average target price of $29.28.

Corning (GLW) traded up $0.09 during mid-day trading on Monday, reaching $31.67. The company’s stock had a trading volume of 3,250,000 shares, compared to its average volume of 6,421,038. The firm has a market cap of $27,523.04, a P/E ratio of 18.20, a P/E/G ratio of 2.64 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. Corning has a fifty-two week low of $22.33 and a fifty-two week high of $32.31.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be given a dividend of $0.155 per share. The ex-dividend date is Wednesday, November 15th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.96%. Corning’s dividend payout ratio (DPR) is currently 26.38%.

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In other news, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hansel E. Tookes II sold 6,513 shares of the business’s stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total transaction of $205,810.80. Following the transaction, the director now owns 88,946 shares of the company’s stock, valued at $2,810,693.60. The disclosure for this sale can be found here. Insiders have sold a total of 413,207 shares of company stock valued at $12,611,130 over the last 90 days. Company insiders own 0.59% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Clark Capital Management Group Inc. purchased a new position in Corning in the first quarter worth $14,879,000. AXA grew its position in Corning by 7.1% in the first quarter. AXA now owns 261,015 shares of the electronics maker’s stock worth $7,047,000 after acquiring an additional 17,315 shares in the last quarter. Vanguard Group Inc. grew its position in Corning by 0.5% in the first quarter. Vanguard Group Inc. now owns 61,135,545 shares of the electronics maker’s stock worth $1,650,659,000 after acquiring an additional 326,877 shares in the last quarter. Amalgamated Bank grew its position in Corning by 6.1% in the first quarter. Amalgamated Bank now owns 66,875 shares of the electronics maker’s stock worth $1,806,000 after acquiring an additional 3,862 shares in the last quarter. Finally, Andra AP fonden grew its position in Corning by 3.4% in the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock worth $4,991,000 after acquiring an additional 5,500 shares in the last quarter. Hedge funds and other institutional investors own 71.15% of the company’s stock.

Corning Company Profile

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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