Corning Incorporated (NYSE:GLW) – Analysts at Oppenheimer cut their FY2020 earnings estimates for shares of Corning in a research report issued on Wednesday, January 29th. Oppenheimer analyst A. Uerkwitz now expects that the electronics maker will earn $1.63 per share for the year, down from their previous estimate of $1.89. Oppenheimer also issued estimates for Corning’s Q4 2020 earnings at $0.58 EPS and FY2021 earnings at $1.99 EPS.
Several other equities research analysts have also recently issued reports on the stock. Citigroup reiterated a “buy” rating and set a $34.00 price objective (up previously from $32.00) on shares of Corning in a research report on Wednesday, October 30th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Saturday. Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $34.00 to $33.00 in a research report on Wednesday, January 8th. Susquehanna Bancshares reiterated a “hold” rating and set a $25.00 price objective on shares of Corning in a research report on Wednesday. Finally, TheStreet upgraded shares of Corning from a “c+” rating to a “b-” rating in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $32.09.
Shares of NYSE:GLW opened at $26.69 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.12 and a quick ratio of 1.06. Corning has a 1-year low of $26.55 and a 1-year high of $35.34. The company has a market capitalization of $20.53 billion, a P/E ratio of 25.91, a P/E/G ratio of 1.93 and a beta of 1.14. The firm’s 50 day simple moving average is $29.25 and its two-hundred day simple moving average is $29.24.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.02. Corning had a net margin of 8.35% and a return on equity of 14.29%. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.72 billion. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The company’s revenue for the quarter was down 7.2% on a year-over-year basis.
In other news, Director Deborah Rieman sold 2,345 shares of Corning stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $30.05, for a total transaction of $70,467.25. Following the sale, the director now owns 103,158 shares in the company, valued at $3,099,897.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Lewis A. Steverson sold 63,381 shares of Corning stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the sale, the vice president now owns 18,422 shares in the company, valued at approximately $556,160.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,980 shares of company stock worth $2,381,560. Company insiders own 0.46% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Manchester Financial Inc. bought a new stake in Corning in the fourth quarter worth $25,000. TRUE Private Wealth Advisors bought a new stake in Corning in the fourth quarter worth $25,000. Horan Securities Inc. bought a new stake in Corning in the third quarter worth $29,000. B & T Capital Management DBA Alpha Capital Management bought a new stake in Corning in the third quarter worth $29,000. Finally, Patriot Financial Group Insurance Agency LLC increased its position in Corning by 351.9% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 1,220 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 950 shares during the last quarter. Institutional investors own 73.43% of the company’s stock.
Corning Company Profile
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.