Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices. Its Optical Communications segment provides optical fibers and cables; and hardware and equipment products, including cable assemblies, fiber optic hardware and connectors, optical components and couplers, closures, network interface devices, and other accessories. This segment also offers its products to businesses, governments, and individuals. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics, crystals, precision metrology instruments, software; as well as ultra-thin and ultra-flat glass wafers, substrates, tinted sunglasses, and radiation shielding products. This segment serves various industries, including mobile consumer electronics, semiconductor equipment optics and consumables; aerospace and defense optics; radiation shielding products, sunglasses, and telecommunications components. The company's Environmental Technologies segment offers ceramic substrates and filter products for emissions control in mobile, gasoline, and diesel applications. The company's Life Sciences segment offers laboratory products comprising consumables, such as plastic vessels, liquid handling plastics, specialty surfaces, cell culture media, and serum, as well as general labware and equipment under the Corning, Falcon, Pyrex, and Axygen brands. The company was formerly known as Corning Glass Works and changed its name to Corning Incorporated in April 1989. Corning Incorporated was founded in 1851 and is headquartered in Corning, New York.
Corning Stock Performance
Shares of NYSE:GLW opened at $36.38 on Thursday. The business's 50 day moving average price is $33.92 and its 200-day moving average price is $36.12. The firm has a market capitalization of $30.75 billion, a PE ratio of 15.61, a P/E/G ratio of 2.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. Corning has a 1 year low of $30.63 and a 1 year high of $43.47.
Corning (NYSE:GLW - Get Rating) last posted its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.53 earnings per share. As a group, equities research analysts expect that Corning will post 2.23 earnings per share for the current fiscal year.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.08 annualized dividend and a dividend yield of 2.97%. Corning's dividend payout ratio is currently 46.35%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on GLW shares. Citigroup lowered Corning from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $46.00 to $37.00 in a research report on Monday, May 23rd. Barclays downgraded Corning from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $53.00 to $38.00 in a research note on Wednesday, May 11th. UBS Group dropped their price target on Corning to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, July 27th. StockNews.com downgraded Corning from a "buy" rating to a "hold" rating in a research note on Monday, August 1st. Finally, Credit Suisse Group assumed coverage on Corning in a report on Tuesday. They set a "neutral" rating and a $36.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $42.18.
Insider Transactions at Corning
In related news, SVP John P. Bayne, Jr. sold 5,575 shares of the company's stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the sale, the senior vice president now directly owns 7,345 shares of the company's stock, valued at approximately $269,561.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.36% of the company's stock.
