Corning (GLW) Expected to Announce Earnings on Wednesday

Corning (NYSE:GLW) will likely be posting its quarterly earnings results before the market opens on Wednesday, January 29th. Analysts expect Corning to post earnings of $0.56 per share and revenue of $3,761,910.25 billion for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, analysts expect Corning to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Corning Stock Performance

NYSE:GLW opened at $49.53 on Tuesday. The stock’s 50-day moving average is $48.47 and its 200-day moving average is $45.50. Corning has a 1-year low of $30.72 and a 1-year high of $54.53. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.40 billion, a P/E ratio of 291.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04.

Analysts Set New Price Targets

A number of research firms have weighed in on GLW. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Citigroup lifted their price objective on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley increased their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.31.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

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.