Market Update (NYSE:GLW): [$$] Corning Tries to Score More Screen Time

[at Barrons.com] – Corning (GLW:NYSE) By Susquehanna Financial Group ($16.76, Jan. 26, 2016) Corning management continued to manage the business well through a tough second half, highlighted by solid fourth-quarter results in the midst of a correcting display market. The closest peers (LG Chemical [traded in Korea], Asahi Glass [traded in Japan]) are currently trading at 16 times forward price/earnings multiple, 1 times EV/sales, 6 times forward EV/Ebitda, and 1 times book value. Read more on this. Corning Inc. (GLW) , with a current market cap of $21.00B, started trading this morning at $17.61. Shares have traded today between $17.52 and $17.80 per share with its 52-week range being $15.42 to $25.16. GLW shares are currently priced at 12.38x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 10.05x forward p/e ratio. The company pays shareholders $0.48 per share annually in dividends, yielding 2.81%. According to a consensus of 13 analysts, the earnings estimate of $0.30 per share would be $0.05 worse than the year-ago quarter and a $0.02 sequential decrease. The full-year EPS estimate is $1.43, which would be a $0.03 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.27 Billion. If reported, that would be a 6.58% 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. Given all the information above, we should disclose to readers that the average price target is $19.73, which is 12.04% above than it 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: Corning Inc (NYSE:GLW) – Dow Corning Reports Increased Profits for First Half of 2015