Stock Update (NYSE:GLW): Corning Drops 7%: ‘Gorilla Glass’ Outlook Dims, Says Sterne Agee CRT

[at Barrons.com] – Shares of Corning (GLW) are down $1.40, or almost 7%, at $19.57, after the company this morning reported Q1 revenue that missed analysts’ expectations, and delivered profit in line with consensus, despite what it said was a glitch in the functioning of some manufacturing software. CEO Wendell Weeks said the company was “pleased” with the results, even though sales were affected by “the impact from a manufacturing software implementation issue.” Sales in the three months ended in March declined 10.7%, year over year, to $2.17 billion, yielding EPS of 28 cents. Read more on this. Corning Inc. (GLW) , valued at $21.25B, opened at $20.57. Looking at the equity, the company’s one day range is $19.21 to $20.74 with a trailing 52-week range being $15.42 to $22.80. Priced at 14.87x this year’s forecasted earnings, GLW shares are relatively expensive compared to the industry’s 13.60x forward p/e ratio. And for passive income investors, the company pays shareholders $0.54 per share annually in dividends, yielding 2.57%. 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 $0.00 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $1.41 would be a $0.01 better when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.23 Billion. If reported, that would be a 8.23% decrease over the year-ago quarter. Recently, Goldman upgraded GLW from Neutral to Buy (Apr 12, 2016). Previously, JP Morgan downgraded GLW from Overweight to Neutral. The average price target for GLW shares is $20.27, which is 1.46% below where the stock opened this morning. See more in (NYSE:GLW) Similar Articles: Company Update: Corning Inc (NYSE:GLW) – Corning and Ford Deliver Joint Research on Lightweight Glass Solutions 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