May 26, 2023 – Corning Inc. (NYSE:GLW) has recently announced its quarterly earnings results on Tuesday, April 25th, reporting a higher than expected EPS of $0.41 for the quarter. The electronics maker’s revenue during the quarter also exceeded analysts’ expectations, bringing in $3.37 billion with a return on equity of 13.99%. Despite this success, the company’s quarterly revenue was down 10.1% compared to the same quarter last year when the business posted an EPS of $0.54.
In related news, two senior vice presidents have sold shares of Corning stock recently. SVP Cheryl C. Capps sold 28,574 shares of Corning stock at an average price of $33.14 on Monday, May 1st and SVP Anne Mullins sold 49,882 shares of Corning stock at an average price of $31.34 on Wednesday, May 10th. These transactions were disclosed in documents filed with the SEC and made public through their website.
During the last three months alone, insiders have sold a total of 135,198 shares of company stock worth over $4 million dollars collectively. Currently, only 0.40% of Corning’s stock is owned by insiders.
Shares of NYSE GLW opened at $31.04 on Friday and currently sit at a market capitalization of $26.39 billion with a PE ratio of 29.28 and a beta of 1.06.The company has a quick ratio (liquidity measurement) is .84 and it’s current ratio is1:44.
Investors may want to take note that while Corning had exceeded estimates in Q1/2023 in respect to profitability measures such as earnings-per-share (EPS), sales growth could vex traders moving forward if trend deficits persist going forward—if not maintained properly or bolstered expectations per quarter, shareholders earnings, and confidence could take a hit.
Zacks Research Cuts Q3 2023 Earnings Estimate for Corning Incorporated
On May 23rd, Zacks Research released a report that cut their Q3 2023 earnings per share estimate for Corning Incorporated (NYSE:GLW). The report was authored by analyst A. Chatterjee, who is known for his deep analysis of the technology sector. According to Chatterjee, the electronics maker is likely to post earnings per share of $0.47 for Q3 2023, which is a decline from their previous estimation of $0.48.
Additionally, Zacks Research has stated that Corning’s current full-year earnings are estimated to be $1.95 per share. This comes as several other equity research analysts and groups have also issued reports on GLW in recent months.
Deutsche Bank Aktiengesellschaft reduced the price objective on GLW shares from $38 to $37 last April 26th. JPMorgan Chase & Co., however, raised its price objective on Corning from $40 to $42 and gave it an “overweight” rating last April 19th. And in a similar vein, UBS Group decreased its price target on GLW shares from $40 to $39 last April 26th.
Despite these differing opinions, five investment analysts have rated GLW as “hold” while six others have rated it as a “buy”. Based on data from Bloomberg.com, it currently holds an average rating of “moderate buy”, with a consensus price target of $37.89.
As for large investors’ activity around GLW shares, Empower Advisory Group LLC had bought a new position in GLW during Q1 2023 valued at $293,000 while Brandywine Global Investment Management LLC lifted its holdings in Corning by 14.4% during the same period which now amounts to 914,374 shares worth around $32,259,000. Birmingham Capital Management Co., Inc., AL, and Westover Capital Advisors LLC recently acquired new positions in GLW during Q1 2023 each valued at around $212,000. Meanwhile, Ameriprise Financial Inc. grew its stake in GLW by 4.9% during the same quarter that now holds 15,953,780 shares amounting to $563,232,000.
These have been significant indicators for analysts and investors alike as they continue to monitor Corning’s performance and earnings estimates in the coming years.
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