Corning Incorporated (NYSE:GLW) – Jefferies Financial Group boosted their FY2020 EPS estimates for Corning in a report released on Tuesday, July 28th. Jefferies Financial Group analyst G. Notter now anticipates that the electronics maker will post earnings per share of $1.05 for the year, up from their prior forecast of $1.00. Jefferies Financial Group also issued estimates for Corning’s Q1 2021 earnings at $0.34 EPS, Q2 2021 earnings at $0.42 EPS, Q3 2021 earnings at $0.48 EPS, Q4 2021 earnings at $0.56 EPS and FY2021 earnings at $1.80 EPS.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 28th. The electronics maker reported $0.25 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.13. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. Corning’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share.
Other analysts also recently issued reports about the company. Citigroup boosted their target price on Corning from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer began coverage on Corning in a research report on Tuesday, July 28th. They issued a “hold” rating on the stock. Morgan Stanley upped their price objective on Corning from $24.00 to $26.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 10th. JPMorgan Chase & Co. upgraded Corning from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $25.00 to $36.00 in a research report on Thursday, July 16th. Finally, Barclays upped their price objective on Corning from $22.00 to $28.00 and gave the company an “equal weight” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $31.90.
GLW opened at $31.00 on Friday. The business’s fifty day moving average is $27.43 and its two-hundred day moving average is $24.73. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.44 and a current ratio of 2.27. The company has a market cap of $23.59 billion, a price-to-earnings ratio of 310.03, a PEG ratio of 13.94 and a beta of 1.10. Corning has a one year low of $17.44 and a one year high of $31.82.
A number of large investors have recently made changes to their positions in the business. National Asset Management Inc. increased its stake in Corning by 5.2% during the second quarter. National Asset Management Inc. now owns 27,179 shares of the electronics maker’s stock worth $704,000 after acquiring an additional 1,341 shares during the last quarter. Dumont & Blake Investment Advisors LLC increased its stake in Corning by 16.4% during the second quarter. Dumont & Blake Investment Advisors LLC now owns 45,275 shares of the electronics maker’s stock worth $1,173,000 after acquiring an additional 6,386 shares during the last quarter. Boyar Asset Management Inc. acquired a new stake in Corning during the second quarter worth about $207,000. Lincoln National Corp increased its stake in Corning by 20.9% during the second quarter. Lincoln National Corp now owns 11,818 shares of the electronics maker’s stock worth $306,000 after acquiring an additional 2,042 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its stake in Corning by 3.5% during the second quarter. Chicago Partners Investment Group LLC now owns 24,572 shares of the electronics maker’s stock worth $753,000 after acquiring an additional 824 shares during the last quarter. Institutional investors own 72.96% of the company’s stock.
In related news, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $31.67, for a total transaction of $918,239.98. Following the transaction, the insider now directly owns 169,128 shares in the company, valued at $5,356,283.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Wendell P. Weeks sold 94,928 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $31.07, for a total value of $2,949,412.96. The disclosure for this sale can be found here. Insiders have sold 186,762 shares of company stock worth $5,812,645 over the last quarter. 0.47% of the stock is currently owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, August 28th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.88 annualized dividend and a yield of 2.84%. Corning’s dividend payout ratio (DPR) is presently 50.00%.
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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