Market Update: Corning Inc (NYSE:GLW) – Alliance Fiber Optic Products Skyrockets 20%, Co. To Be Acquired By Corning

[Benzinga] – Shares of Alliance Fiber Optic Products Inc (NASDAQ: AFOP ) gained nearly 20 percent on Friday after Corning Incorporated (NYSE: GLW ) announced its intention to acquire the company. Corning said it entered … Read more on this. Corning Inc. (GLW) , with a current value of $22.54B, started trading this morning at $20.79. During today’s session, GLW traded between $20.44 to $20.93 with a one year range of $15.42 to $22.98. GLW shares are currently priced at 14.76x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 13.37x earnings multiple for the same period. And for passive income investors, 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. The full-year EPS estimate is $1.40, which would be a $0.00 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.25 Billion. If realized, that would be a 7.41% decrease over the year-ago quarter. More recently, JP Morgan downgraded GLW from Overweight to Neutral (Dec 17, 2015). Previously, Drexel Hamilton Initiated GLW at to Hold. Investors should keep in mind is that the average price target is $19.45, which is 6.45% below where the stock opened this morning. See more in (NYSE:GLW) Similar Articles: Company Update (NYSE:GLW): Corning to Acquire Alliance Fiber Optic Products, Inc. Market Update: Corning Inc (NYSE:GLW) – Corning Named 2016 ENERGY STAR® Partner of the Year Stock Update: Corning Inc (NYSE:GLW) – Corning Incorporated — Moody’s downgrades Corning’s senior unsecured rating to Baa1, outlook stable