Corning (GLW) closed at $32.45 in the latest trading session, marking a -0.49% move from the prior day. This change was narrower than the S&P 500’s daily loss of 1.15%. Meanwhile, the Dow lost 0.52%, and the Nasdaq, a tech-heavy index, lost 0.37%.
Coming into today, shares of the specialty glass maker had lost 2.01% in the past month. In that same time, the Computer and Technology sector lost 4.74%, while the S&P 500 lost 5.08%.
Investors will be hoping for strength from Corning as it approaches its next earnings release, which is expected to be July 26, 2022. On that day, Corning is projected to report earnings of $0.57 per share, which would represent year-over-year growth of 7.55%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.79 billion, up 8.19% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.36 per share and revenue of $15.37 billion, which would represent changes of +14.01% and +8.87%, respectively, from the prior year.
Any recent changes to analyst estimates for Corning should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Corning currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Corning currently has a Forward P/E ratio of 13.82. For comparison, its industry has an average Forward P/E of 15.59, which means Corning is trading at a discount to the group.
Meanwhile, GLW’s PEG ratio is currently 2.23. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock’s expected earnings growth rate. Communication – Components stocks are, on average, holding a PEG ratio of 1.77 based on yesterday’s closing prices.
The Communication – Components industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 72, which puts it in the top 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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