Company Update (NYSE:GLW): Corning to Acquire Alliance Fiber Optic Products, Inc.

[GlobeNewswire] – Acquisition to support Corning`s plan for growth in cloud data center market CORNING, N.Y., AND SUNNYVALE, CALIF.; APRIL 7, 2016 – Corning Incorporated (NYSE: GLW) and Alliance Fiber Optic Products, … Read more on this. Corning Inc. (GLW) , valued at $22.72B, began trading this morning at $20.75. During the trading session, GLW traded between $20.59 to $20.85 and has traded between $15.42 and $22.98 over the past year. GLW shares are currently priced at 14.86x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 13.37x earnings multiple for the same period. The company pays shareholders $0.54 per share annually in dividends, yielding 2.62%. Consensus earnings for the current quarter by the 15 sell-side analysts covering the stock is an estimate of $0.28 per share, which would be $0.07 worse than the year-ago quarter and a $0.04 sequential decrease. Investors should also note that the full-year EPS estimate of $1.40 is a $0.00 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.25 Billion. If reported, that would be a 7.41% decrease over the year-ago quarter. Recently, JP Morgan downgraded GLW from Overweight to Neutral (Dec 17, 2015). Previously, Drexel Hamilton Initiated GLW at to Hold. With the above information in mind, readers should note that the average price target is $19.45, which is 6.27% below where the stock opened this morning. See more in (NYSE:GLW) Similar Articles: Market Update: Corning Inc (NYSE:GLW) – Corning Named 2016 ENERGY STAR® Partner of the Year Stock Update: Corning Inc (NYSE:GLW) – Corning, New Vision Display to Offer New Screen Protector Designs Stock Update: Corning Inc (NYSE:GLW) – Corning Incorporated — Moody’s downgrades Corning’s senior unsecured rating to Baa1, outlook stable