Company Update (NYSE:GLW): Saint-Gobain and Corning Announce New Joint Venture to Produce Lightweight Glazing for the Automotive Market

[GlobeNewswire] – CORNING, N.Y., JANUARY 19, 2016 – Saint-Gobain Sekurit and Corning Incorporated (NYSE: GLW) today announced that they have signed an agreement to establish an exclusive joint venture, equally owned by … Read more on this. Corning Inc. (GLW) , valued at $19.90B, opened this morning at $17.02. Looking at the equity, the company’s one day range is $16.80 to $17.12 and has traded between $15.42 and $25.16 over the past year. Priced at 12.22x this year’s forecasted earnings, GLW shares are relatively expensive compared to the industry’s 10.08x forward p/e ratio. And for dividend hunters, the company pays shareholders $0.48 per share annually in dividends, yielding 2.77%. According to a consensus of 15 analysts, the earnings estimate of $0.32 per share would be $0.13 worse than the year-ago quarter and a $0.02 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $1.38 is a $0.15 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.33 Billion. If reported, that would be a 10.38% decrease over the year-ago quarter. In terms of ratings, JP Morgan downgraded GLW from Overweight to Neutral (Dec 17, 2015). Previously, Drexel Hamilton Initiated GLW at to Hold. The average price target for GLW shares by the analysts covering the stock is $19.91, which is 16.98% above where the stock opened this morning. See more in (NYSE:GLW) Similar Articles: Market Update: Corning Inc (NYSE:GLW) – Ford GT First Production Vehicle to Use Lightweight Corning® Gorilla® Glass for Windshield Stock Update: Corning Inc (NYSE:GLW) – Corning Incorporated — Moody’s downgrades Corning’s senior unsecured rating to Baa1, outlook stable Company Update (NYSE:GLW): Corning Announces the First Smartphone Using Antimicrobial Corning® Gorilla® Glass
Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.