Zacks Research Issues Positive Outlook for Corning Earnings

Corning Incorporated (NYSE:GLW - Free Report) - Equities researchers at Zacks Research upped their Q2 2027 earnings estimates for Corning in a report released on Tuesday, July 22nd. Zacks Research analyst R. Department now expects that the electronics maker will earn $0.67 per share for the quarter, up from their previous forecast of $0.66. The consensus estimate for Corning's current full-year earnings is $2.33 per share.

Other equities analysts also recently issued reports about the stock. Citigroup upped their price objective on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Oppenheimer lowered their price objective on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Mizuho upped their price objective on shares of Corning from $52.00 to $59.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday. Finally, UBS Group upped their price objective on shares of Corning from $54.00 to $57.00 and gave the company a "neutral" rating in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.73.

Corning Trading Down 0.6%

Shares of NYSE:GLW traded down $0.36 during midday trading on Thursday, hitting $55.37. 4,717,798 shares of the stock traded hands, compared to its average volume of 3,971,845. The stock has a market capitalization of $47.42 billion, a PE ratio of 106.47, a P/E/G ratio of 1.49 and a beta of 1.11. The business's 50 day moving average is $51.45 and its two-hundred day moving average is $48.71. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. Corning has a one year low of $37.18 and a one year high of $56.25.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker's stock valued at $875,633,000 after buying an additional 533,686 shares during the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker's stock worth $516,560,000 after purchasing an additional 208,826 shares during the last quarter. Norges Bank purchased a new stake in Corning in the fourth quarter worth approximately $490,933,000. Dimensional Fund Advisors LP boosted its holdings in Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker's stock worth $465,723,000 after purchasing an additional 78,497 shares during the last quarter. Finally, Amundi boosted its holdings in Corning by 64.3% in the first quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company's stock.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Soumya Seetharam sold 14,313 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $50.01, for a total transaction of $715,793.13. Following the sale, the senior vice president owned 31,505 shares in the company, valued at approximately $1,575,565.05. The trade was a 31.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by company insiders.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is 215.38%.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.