Corning (GLW) Stock Moves -0.58%: What You Should Know
Corning (GLW) closed at $34.32 in the latest trading session, marking a -0.58% move from the prior day. This move was narrower than the S&P 500's daily loss of 0.78%. Elsewhere, the Dow lost 0.88%, while the tech-heavy Nasdaq lost 0.26%.
Coming into today, shares of the specialty glass maker had lost 4.4% in the past month. In that same time, the Computer and Technology sector lost 4.58%, while the S&P 500 lost 3.4%.
Investors will be hoping for strength from Corning as it approaches its next earnings release. The company is expected to report EPS of $0.54, down 3.57% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.69 billion, up 1.36% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.23 per share and revenue of $14.91 billion, which would represent changes of +7.73% and +5.61%, respectively, from the prior year.
Investors might also notice 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Corning is currently a Zacks Rank #4 (Sell).
Investors should also note Corning's current valuation metrics, including its Forward P/E ratio of 15.48. This valuation marks a discount compared to its industry's average Forward P/E of 16.17.
Also, we should mention that GLW has a PEG ratio of 2.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Communication - Components was holding an average PEG ratio of 1.79 at yesterday's closing price.
The Communication - Components industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 138, which puts it in the bottom 46% 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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Corning Incorporated (GLW) : Free Stock Analysis Report
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