Brokerages Expect Corning Incorporated (GLW) Will Post Quarterly Sales of $3.00 Billion

Wall Street analysts expect Corning Incorporated (NYSE:GLW) to announce sales of $3.00 billion for the current quarter, according to Zacks. Three analysts have made estimates for Corning’s earnings. The highest sales estimate is $3.01 billion and the lowest is $2.99 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 business is expected to announce its next quarterly earnings report on Tuesday, October 23rd.

On average, analysts expect that Corning will report full-year sales of $11.26 billion for the current fiscal year, with estimates ranging from $11.25 billion to $11.26 billion. For the next fiscal year, analysts forecast that the company will report sales of $12.09 billion, with estimates ranging from $12.00 billion to $12.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Corning.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the company earned $0.42 EPS. Corning’s quarterly revenue was up 10.0% compared to the same quarter last year.

A number of brokerages recently issued reports on GLW. Goldman Sachs Group raised Corning from a “sell” rating to a “neutral” rating and set a $29.00 price target for the company in a research note on Wednesday, June 20th. UBS Group set a $36.00 price objective on Corning and gave the stock a “hold” rating in a report on Wednesday. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Wednesday, August 8th. Guggenheim restated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Finally, Morgan Stanley raised their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Thursday, July 26th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $35.50.

In other Corning news, VP Edward A. Schlesinger sold 3,953 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was sold at an average price of $33.46, for a total transaction of $132,267.38. Following the transaction, the vice president now directly owns 25,991 shares in the company, valued at approximately $869,658.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The disclosure for this sale can be found here. Insiders have sold a total of 414,272 shares of company stock worth $13,759,300 over the last 90 days. 0.46% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the company. GHP Investment Advisors Inc. increased its holdings in shares of Corning by 2.5% in the 2nd quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after acquiring an additional 1,550 shares during the period. IFP Advisors Inc increased its holdings in shares of Corning by 6.4% in the 2nd quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after acquiring an additional 1,551 shares during the period. Whittier Trust Co. increased its holdings in shares of Corning by 21.7% in the 2nd quarter. Whittier Trust Co. now owns 8,829 shares of the electronics maker’s stock valued at $243,000 after acquiring an additional 1,575 shares during the period. Chicago Partners Investment Group LLC increased its holdings in shares of Corning by 5.5% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after acquiring an additional 1,691 shares during the period. Finally, Bessemer Group Inc. increased its holdings in shares of Corning by 8.8% in the 2nd quarter. Bessemer Group Inc. now owns 21,257 shares of the electronics maker’s stock valued at $585,000 after acquiring an additional 1,714 shares during the period. Institutional investors and hedge funds own 70.32% of the company’s stock.

Shares of GLW stock opened at $35.40 on Thursday. Corning has a 52-week low of $26.11 and a 52-week high of $36.56. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58. The company has a market cap of $28.91 billion, a P/E ratio of 20.74, a price-to-earnings-growth ratio of 2.52 and a beta of 1.35.

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

About Corning

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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