Wall Street analysts expect Corning Incorporated (NYSE:GLW) to report $3.00 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings. The lowest sales estimate is $2.99 billion and the highest is $3.01 billion. Corning reported sales of $2.70 billion during the same quarter last year, which indicates a positive year over year growth rate of 11.1%. The company 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 year, with estimates ranging from $11.25 billion to $11.26 billion. For the next fiscal year, analysts expect that the business will post sales of $12.09 billion per share, with estimates ranging from $12.00 billion to $12.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Corning.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates 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 for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.42 EPS.

A number of equities research analysts have recently issued reports on GLW shares. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 31st. UBS Group upped their price objective on shares of Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 26th. TheStreet raised shares of Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Goldman Sachs Group raised shares of Corning from a “sell” rating to a “neutral” rating and set a $29.00 price target for the company in a research report on Wednesday, June 20th. Finally, ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $33.68.

Shares of Corning traded down $0.35, reaching $32.74, during trading on Tuesday, MarketBeat reports. The company had a trading volume of 3,838,718 shares, compared to its average volume of 6,270,940. The firm has a market capitalization of $26.80 billion, a price-to-earnings ratio of 19.03, a PEG ratio of 2.33 and a beta of 1.40. Corning has a 12 month low of $26.11 and a 12 month high of $35.10. 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 also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be given 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 2.20%. Corning’s payout ratio is currently 41.86%.

In other news, CEO Wendell P. Weeks sold 224,884 shares of the firm’s stock in a transaction dated Friday, June 8th. The shares were sold at an average price of $28.71, for a total value of $6,456,419.64. Following the completion of the sale, the chief executive officer now directly owns 111,835 shares of the company’s stock, valued at approximately $3,210,782.85. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Clark S. Kinlin sold 45,298 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $33.15, for a total transaction of $1,501,628.70. Following the completion of the sale, the executive vice president now directly owns 72,741 shares of the company’s stock, valued at $2,411,364.15. The disclosure for this sale can be found here. Insiders have sold a total of 612,264 shares of company stock valued at $19,079,432 in the last three months. 0.46% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of GLW. Institutional & Family Asset Management LLC bought a new position in shares of Corning in the 1st quarter worth about $101,000. Founders Capital Management bought a new position in shares of Corning in the 2nd quarter worth about $105,000. Private Capital Group LLC increased its stake in shares of Corning by 1,455.7% in the 1st quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after acquiring an additional 3,683 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Corning by 16,371.4% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after acquiring an additional 4,584 shares in the last quarter. Finally, Bray Capital Advisors bought a new position in shares of Corning in the 1st quarter worth about $132,000. 71.75% of the stock is owned by hedge funds and other institutional investors.

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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