Wall Street brokerages expect Corning Incorporated (NYSE:GLW) to post earnings of $0.17 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Corning’s earnings, with the lowest EPS estimate coming in at $0.15 and the highest estimate coming in at $0.19. Corning reported earnings of $0.45 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 62.2%. The firm is scheduled to report its next earnings results on Tuesday, August 4th.

According to Zacks, analysts expect that Corning will report full year earnings of $1.03 per share for the current year, with EPS estimates ranging from $0.94 to $1.19. For the next financial year, analysts anticipate that the business will report earnings of $1.67 per share, with EPS estimates ranging from $1.53 to $1.82. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Corning.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.03. Corning had a net margin of 3.29% and a return on equity of 13.01%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the business earned $0.40 earnings per share. Corning’s revenue was down 15.0% compared to the same quarter last year.

Several brokerages have recently weighed in on GLW. Barclays downgraded shares of Corning from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $26.00 to $22.00 in a research report on Wednesday, April 29th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a report on Tuesday, April 28th. JPMorgan Chase & Co. lifted their target price on shares of Corning from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. Susquehanna Bancshares reissued a “hold” rating and issued a $22.00 price objective on shares of Corning in a research note on Tuesday, April 28th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 10th. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $29.73.

Corning stock traded up $0.22 during trading on Tuesday, reaching $25.90. The stock had a trading volume of 4,539,729 shares, compared to its average volume of 6,572,016. The stock has a market cap of $19.54 billion, a PE ratio of 80.94, a P/E/G ratio of 13.26 and a beta of 1.09. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. Corning has a 52-week low of $17.44 and a 52-week high of $34.26. The business has a 50 day moving average price of $24.22 and a 200 day moving average price of $24.91.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, May 29th will be given a dividend of $0.22 per share. The ex-dividend date is Thursday, May 28th. This represents a $0.88 annualized dividend and a dividend yield of 3.40%. Corning’s payout ratio is currently 50.00%.

Several hedge funds and other institutional investors have recently modified their holdings of GLW. Wealth Quarterback LLC purchased a new stake in shares of Corning during the 4th quarter worth $21,935,010,000. Wellington Management Group LLP boosted its position in shares of Corning by 79.5% during the 1st quarter. Wellington Management Group LLP now owns 43,344,435 shares of the electronics maker’s stock worth $890,295,000 after purchasing an additional 19,190,516 shares in the last quarter. Norges Bank purchased a new stake in shares of Corning during the 4th quarter worth $232,539,000. Invesco Ltd. boosted its position in shares of Corning by 120.3% during the 1st quarter. Invesco Ltd. now owns 9,835,832 shares of the electronics maker’s stock worth $202,029,000 after purchasing an additional 5,370,587 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of Corning by 11.9% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 19,919,567 shares of the electronics maker’s stock worth $579,859,000 after purchasing an additional 2,120,941 shares in the last quarter. Institutional investors own 73.18% of the company’s stock.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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