Corning Incorporated (NYSE:GLW) currently trades at $26.21 which is about -1.06% lower than the 52-week high of $26.99. The trading volume at ready counter moved to 9.61M shares as compared to 7.50M shares average traded volume. The stock failed to get pushed above the $26.49 barrier, the intraday high, after opening at $26.29. Analysts have a consensus target price of $26.38 in the 12-month period. Its market capitalization has now reached to $24.78B.
Corning Incorporated (NYSE:GLW) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Hold rating, according to Zacks Investment Research. 3 analyst has rated the stock with a sell rating, 7 have assigned a hold rating, Zero says it’s a buy and 2 have assigned a strong buy rating to the company.
Corning Incorporated (GLW) on January 24, 2017 announced results for fourth-quarter and full-year 2016.
- Fourth-quarter results provided a strong finish to 2016: Q4 GAAP EPS of $1.47, up 765%, and core EPS of $.50, up 47%, year over year; Q4 GAAP and core sales up 11% and 6% respectively, year over year
- Business segment performance highlights included record Corning Gorilla Glass volume, driven by rapid adoption of Gorilla Glass 5; acceleration of Optical Communications growth; and continued moderation in price declines in Display Technologies
- Significant progress since introducing the Strategy and Capital Allocation Framework, returning $6 billion to shareholders and advancing focused portfolio initiatives
- Year-over-year sales, net income, and EPS growth expected in the first quarter of 2017
- “Corning delivered outstanding fourth-quarter results, continuing the momentum that began earlier in the year,” said Wendell P. Weeks, chairman, chief executive officer and president. “Our very strong finish to the year was highlighted by year-over-year core sales growth of 6%, core earnings growth of 24% and core EPS growth of 47%. We are encouraged by this strength, and expect growth in these year-over-year measures in the first quarter of 2017.”
Strategy and Capital Allocation Framework Progress
Corning`s Strategy and Capital Allocation Framework outlines the company`s 2016-2019 leadership priorities. Under the Framework, Corning plans to deliver more than $12.5 billion to shareholders while investing $10 billion in growth opportunities.