In a report released yesterday, Andrew Uerkwitz from Oppenheimer maintained a Hold rating on Corning Inc (GLW). The company’s shares closed yesterday at $31.85.
Uerkwitz wrote:
“GLW reported 1Q19 revenue/EPS of $2.85B/$0.40, beating our $2.83B/$0.38E and the Street’s $2.83B/$0.39E. Total core revenues were up 13% Y/Y, led by Optical (up 20%) and Display (up 10%). Environmental and Specialty segments both showed double-digit growth Y/Y. Corning’s total dominance in LCD glass and high-end cover glass began to show long-term upside in spite of end market headwinds. Multi-year projects with data center and carrier customers continue to drive faster-than-market growth for Optical (1Q19 also benefits from 3M acquisition completed in Jun ’18). In Display, BOE’s fully ramped G10.5 fab helped to drive above-market volume growth. For 2019, while Optical may be negatively affected by one FTTH customer by $100M, other key segments have more positive growth momentum.”
According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.3% and a 57.6% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Turtle Beach Corp, and Universal Display.
The word on The Street in general, suggests a Hold analyst consensus rating for Corning Inc.
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Based on Corning Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $3.04 billion and net profit of $292 million. In comparison, last year the company earned revenue of $2.5 billion and had a GAAP net loss of $589 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock. Most recently, in February 2019, David L. Morse, the Exec. VP & Chief Tech. Officer of GLW sold 36,664 shares for a total of $1,283,240.
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Corning, Inc. develops and manufactures specialty glass and ceramics. It provides glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications; carrier network and enterprise network products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies. It operates through the following five business segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials and Life Sciences. The Display Technologies segment manufactures glass substrates for high performance displays, including organic light-emitting diode and liquid crystal displays that are used primarily in televisions, notebook computers and flat panel desktop monitors. The Optical Communications segment is classified into two main product groupings: carrier and enterprise network. The carrier network group consists primarily of products and solutions for optical-based communications infrastructure for services such as video, data and voice communications. The enterprise network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile and stationary applications around the world. The Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs. The Life Sciences segment develops, manufactures and supplies scientific laboratory products. The company was founded by Amory Houghton Sr. in 1851 and is headquartered in Corning, NY.
