Share

Corning Q2 sales jump from Q1 as optical output recovers

Earnings Roundup: In the last fiscal quarter alone, Corning Inc. generated around $2.17B in revenue and net income of $0.28/share.

Advertisement

The company said that that over 85 percent of smartphone owners have dropped their phones at least once, while 55 percent of owners have dropped their phones more than three times. The realignment of our interest in Dow Corning is a significant milestone.

The strategic realignment of Dow Corning was completed on May 31, adding $4.8 billion in cash and a 40% ownership stake in the newly formed Hemlock Semiconductor entity.

Life-sciences revenue climbed 5% sequentially and 2% year over year, to $215 million, while life-sciences core earnings increased 17% and remained flat from the same year-ago period, at $21 million, in line with expectations for low-single-digit year-over-year growth. And last week, the company introduced Corning Gorilla Glass 5, its newest innovation for mobile consumer electronic products, to greatly enhance protection against breakage from drops.

As a reminder regarding that capital-allocation framework, late past year Corning pledged to return more than $10 billion to shareholders through dividends and repurchases, and to invest $10 billion in research, development, and engineering through 2019. The company traded 17.9 million shares versus it average capacity of 8.14 million shares. The stock’s market capitalization is 23.97B.

During the last trading session, the expensive price at which share traded, recorded at $21.53 and cheapest price at share trade was noted at $20.76. For the stock price target value has been calculated at $21.32 based on calls of 14 experts. WEEKS WENDELL P is one of the largest insider shareholders in Corning Incorporated (NYSE:GLW), according to U.S. Securities and Exchange Commission (SEC) filings. The performance for the year is at 20.27% and the performance (year to date) is at 19.22%. Goldman Sachs Group Inc. upgraded shares of Corning from a “neutral” rating to a “buy” rating and upped their target price for the stock from $19.00 to $26.00 in a research note on Tuesday, April 12th. The stock is now holding above its 50 day moving average of $4.88 and above its 200 day moving average of $20.71. There are 7 equity research firms suggesting a Hold and 1 consider it Sell. Following the sale, the chief financial officer now owns 48,221 shares of the company’s stock, valued at approximately C$1,020,838.57.

Corning Inc.’s short ratio is at 2.62 and the float short is at 1.99%. Its quick ratio for most recent quarter is 2.20 along with current ratio for most recent quarter of 2.80.

Advertisement

Corning Inc. (NYSE:GLW) down -0.56 per cent in the past week, is under coverage of 18 analysts who collectively recommend a hold rating on stock. Corning Incorporated (NYSE:GLW) has a Return on Assets of 1.60%.

Corning Gorilla Glass Corning Gorilla Glass 5 has an 80 percent chance of surviving from 1.6 meter drops