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Corning (GLW) Gains But Lags Market: What You Should Know

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Corning (GLW) closed the most recent trading day at $38.32, moving +0.24% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.31%. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq added 0.48%.

Heading into today, shares of the specialty glass maker had gained 0.03% over the past month, outpacing the Computer and Technology sector's loss of 0.76% and the S&P 500's loss of 0.04% in that time.

Corning will be looking to display strength as it nears its next earnings release. In that report, analysts expect Corning to post earnings of $0.53 per share. This would mark year-over-year growth of 1.92%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.64 billion, up 9.41% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $2.06 per share and revenue of $14.04 billion, which would represent changes of +48.2% and +22.56%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Corning. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Corning currently has a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Corning currently has a Forward P/E ratio of 18.53. Its industry sports an average Forward P/E of 18.94, so we one might conclude that Corning is trading at a discount comparatively.

It is also worth noting that GLW currently has a PEG ratio of 0.93. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. GLW's industry had an average PEG ratio of 1.87 as of yesterday's close.

The Communication - Components industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 192, putting it in the bottom 25% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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