Corning (GLW) Announces Earnings Results
Corning (NYSE:GLW) announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.02, Bloomberg Earnings reports. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. Corning’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.50 EPS.
Corning (NYSE GLW) traded up $0.02 during trading hours on Thursday, hitting $29.54. 7,230,625 shares of the stock were exchanged, compared to its average volume of 7,860,000. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.22 and a current ratio of 2.75. Corning has a fifty-two week low of $26.32 and a fifty-two week high of $35.10. The firm has a market cap of $25,670.00, a PE ratio of -37.39, a PEG ratio of 4.37 and a beta of 1.34.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.16. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. Corning’s dividend payout ratio is -78.48%.
In other news, Director Deborah Rieman sold 2,083 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $32.16, for a total transaction of $66,989.28. Following the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at approximately $3,309,135.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the transaction, the insider now directly owns 136,032 shares in the company, valued at $4,410,157.44. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.
Several large investors have recently bought and sold shares of GLW. Schafer Cullen Capital Management Inc. grew its stake in Corning by 1.5% in the 4th quarter. Schafer Cullen Capital Management Inc. now owns 3,710,433 shares of the electronics maker’s stock valued at $118,697,000 after acquiring an additional 56,074 shares during the last quarter. Cullen Capital Management LLC grew its stake in Corning by 1.9% in the 4th quarter. Cullen Capital Management LLC now owns 1,985,015 shares of the electronics maker’s stock valued at $63,501,000 after acquiring an additional 37,600 shares during the last quarter. HighPoint Advisor Group LLC grew its stake in Corning by 11.6% in the 4th quarter. HighPoint Advisor Group LLC now owns 20,711 shares of the electronics maker’s stock valued at $606,000 after acquiring an additional 2,156 shares during the last quarter. Lincluden Management Ltd. grew its stake in Corning by 872.6% in the 4th quarter. Lincluden Management Ltd. now owns 446,401 shares of the electronics maker’s stock valued at $14,280,000 after acquiring an additional 400,505 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new stake in Corning in the 4th quarter valued at about $265,000. 71.82% of the stock is currently owned by institutional investors and hedge funds.
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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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