Analysts expect that Corning Incorporated (NYSE:GLW) will report $2.50 billion in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings, with the highest sales estimate coming in at $2.54 billion and the lowest estimate coming in at $2.48 billion. Corning posted sales of $2.49 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 0.4%. The company is scheduled to report its next earnings report on Tuesday, April 24th.

On average, 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 fiscal year, analysts forecast that the firm will report 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 a mean average based on a survey of research firms that follow Corning.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.47 by $0.02. Corning had a negative net margin of 4.91% and a positive return on equity of 11.62%. 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 previous year, the business posted $0.50 EPS. The firm’s revenue was up 7.4% on a year-over-year basis.

Several analysts have recently weighed in on GLW shares. Guggenheim restated a “buy” rating on shares of Corning in a research report on Tuesday, January 30th. 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 report on Tuesday, December 19th. Deutsche Bank boosted their price objective on shares of Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Barclays set a $38.00 price objective on shares of Corning and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Finally, ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Two equities 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 given a strong buy rating to the company’s stock. Corning has an average rating of “Hold” and an average target price of $31.47.

Shares of Corning (NYSE:GLW) traded up $0.02 during trading hours on Tuesday, hitting $29.54. 7,230,625 shares of the stock traded hands, compared to its average volume of 7,860,000. The stock has a market cap of $25,670.00, a P/E ratio of -37.39, a PEG ratio of 4.37 and a beta of 1.34. The company has a quick ratio of 2.22, a current ratio of 2.75 and a debt-to-equity ratio of 0.35. Corning has a twelve month low of $26.32 and a twelve month high of $35.10.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Wednesday, February 28th will be given a $0.18 dividend. This is an increase from Corning’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.72 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio is -78.48%.

In related 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 value of $66,989.28. Following the completion of the sale, the director now owns 102,896 shares in the company, valued at approximately $3,309,135.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $32.42, for a total transaction of $1,675,335.92. Following the completion of the sale, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. GLG Partners LP acquired a new position in Corning in the 2nd quarter valued at $102,000. MPS Loria Financial Planners LLC acquired a new position in Corning in the 2nd quarter valued at $112,000. Benjamin F. Edwards & Company Inc. increased its stake in Corning by 241.6% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after buying an additional 2,650 shares during the period. Motco increased its stake in Corning by 150.4% in the 4th quarter. Motco now owns 3,538 shares of the electronics maker’s stock valued at $113,000 after buying an additional 2,125 shares during the period. Finally, Financial Advocates Investment Management acquired a new position in Corning in the 4th quarter valued at $130,000. Hedge funds and other institutional investors own 71.82% of the company’s stock.

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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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