Corning Earnings: All-Around Performance Beats Expectations

A number of large investors have recently made changes to their positions in the company. Shares for $506,515 were sold by ROGUS MARK S. $193,803 worth of Corning Incorporated (NYSE:GLW) was sold by Ferrero Lisa.

He expects Corning to meet or exceed consensus estimates for the first quarter and guide to or above consensus for the current quarter. Goldman Sachs initiated Harman International Industries Inc (NYSE:HAR) rating on Thursday, March 31. The overall volume in the last trading session was 13.81 million shares. Dodge & Cox purchased a new position in shares of Corning during the fourth quarter valued at approximately $759,279,000. FSB ADV purchased a new position in shares of Corning during the fourth quarter valued at approximately $166,000. The stock's average target of $106.92 is -4.11% below today's ($111.5) share price. Corning Incorporated has a 52-week low of 18.21 and a 52-week high of 28.73.

The stock's price switched up 5.84% 20-Days Simple Moving Average, added 4.77% from 50-Days Simple Moving Average and rose 17.50% from 200 Days Simple Moving Average. Corning also saw some unusual options trading activity on Monday. Traders acquired 14,627 call options on the stock.


Stock of Corning Incorporated (NYSE:GLW) now have an ABR of 3.00.which is marked on a basic 1 to 5 scale, where 1 stands for a Strong Buy and 5 represents Strong Sell. Both the top and bottom lines were well ahead of investors' expectations for revenue of $2.37 billion and earnings of $0.35 per share.

More specifically, in its core display technologies segment, which generated over 35% of total sales and almost 78% of core earnings last quarter, Corning's guidance calls for the glass market to climb in the mid-teens percentage range from last year's first quarter. In addition, Corning remains on track to invest $10 billion in its business by 2019 through research, development, and engineering in an effort to capture additional growth opportunities and solidify its industry leadership. Corning's revenue for the quarter was up 16.0% compared to the same quarter past year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 31st.


On 10/5/2016 announced a quarterly dividend of $0.14 2.27% with an ex dividend date of 11/15/2016 which will be payable on 11/17/2016.

Corning's Environmental Technology segment also grew moderately this quarter, but its growth is likely to pick up in the second half of 2017. Corning's dividend payout ratio (DPR) is now 16.67%. This is an increase of 566% compared to the average daily volume of 2,195 call options. If you are viewing this report on another publication, it was stolen and republished in violation of USA and global trademark & copyright laws.

03/31/2017 - Corning Incorporated was downgraded to "neutral" by analysts at Citigroup. Stock has got OUTPERFORM rating from 6 analysts of Thomson Reuters, 5 analysts given HOLD rating to the stock and 0 given UNDERPERFORM rating. They issued a "buy" rating and a $28.00 target price on the stock. The median estimate represents a -5.4% increase from the last price. Guggenheim started coverage on Corning in a report on Wednesday, January 4th. The company has a 1 Year high price target of $27. They now have a Dollars 33 price target on the stock. Finally, Zacks Investment Research downgraded Corning from a "buy" rating to a "hold" rating in a report on Wednesday, January 25th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. The stock appeared $28.36 above its 52-week highs and is up 6.14% for the last five trades.


In other news, insider David L. Morse sold 128,103 shares of the stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $28.18, for a total value of $161,950.46. Hedge funds and other institutional investors own 76.84% of the company's stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.


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