Earnings results for Corning (NYSE:GLW)
Corning Incorporated is expected* to report earnings on 10/27/2020 before market open. The report will be for the fiscal Quarter ending Sep 2020. According to Zacks Investment Research, based on 4 analysts’ forecasts, the consensus EPS forecast for the quarter is $0.36. The reported EPS for the same quarter last year was $0.44.
Corning last released its earnings data on July 28th, 2020. The electronics maker reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.41 billion. Its revenue was down 11.6% on a year-over-year basis. Corning has generated $1.76 earnings per share over the last year and currently has a price-to-earnings ratio of 342.5. Corning has confirmed that its next quarterly earnings report will be published on Tuesday, October 27th, 2020.
Analyst Opinion on Corning (NYSE:GLW)
9 Wall Street analysts have issued ratings and price targets for Corning in the last 12 months. Their average twelve-month price target is $32.50, predicting that the stock has a possible downside of 5.11%. The high price target for GLW is $39.00 and the low price target for GLW is $26.00. There are currently 5 hold ratings and 4 buy ratings for the stock, resulting in a consensus rating of “Hold.”
Corning has received a consensus rating of Hold. The company’s average rating score is 2.44, and is based on 4 buy ratings, 5 hold ratings, and no sell ratings. According to analysts’ consensus price target of $32.50, Corning has a forecasted downside of 5.1% from its current price of $34.25. Corning has been the subject of 5 research reports in the past 90 days, demonstrating strong analyst interest in this stock.
Dividend Strength: Corning (NYSE:GLW)
Corning pays a meaningful dividend of 2.47%, higher than the bottom 25% of all stocks that pay dividends. Corning does not have a long track record of dividend growth. The dividend payout ratio of Corning is 50.00%. This payout ratio is at a healthy, sustainable level, below 75%. Based on earnings estimates, Corning will have a dividend payout ratio of 48.09% next year. This indicates that Corning will be able to sustain or increase its dividend.
Insiders buying/selling: Corning (NYSE:GLW)
In the past three months, Corning insiders have sold more of their company’s stock than they have bought. Specifically, they have bought $0.00 in company stock and sold $8,912,917.00 in company stock. Only 0.47% of the stock of Corning is held by insiders. 75.55% of the stock of Corning is held by institutions. High institutional ownership can be a signal of strong market trust in this company.
Earnings and Valuation of Corning (NYSE:GLW
Earnings for Corning are expected to grow by 47.58% in the coming year, from $1.24 to $1.83 per share. The P/E ratio of Corning is 342.53, which means that it is trading at a more expensive P/E ratio than the market average P/E ratio of about 19.34. The P/E ratio of Corning is 342.53, which means that it is trading at a more expensive P/E ratio than the Computer and Technology sector average P/E ratio of about 64.99. Corning has a PEG Ratio of 11.66. PEG Ratios above 1 indicate that a company could be overvalued. Corning has a P/B Ratio of 2.46. P/B Ratios below 3 indicates that a company is reasonably valued with respect to its assets and liabilities.
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