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Corning (GLW) Dips More Than Broader Markets: What You Should Know

In the latest trading session, Corning (GLW) closed at $36.10, marking a -1.61% move from the previous day.

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This story originally appeared on Zacks

In the latest trading session, Corning (GLW) closed at $36.10, marking a -1.61% move from the previous day. This move lagged the S&P 500's daily loss of 1.14%. Elsewhere, the Dow lost 1.23%, while the tech-heavy Nasdaq lost 0.36%.

- Zacks

Coming into today, shares of the specialty glass maker had lost 2.55% in the past month. In that same time, the Computer and Technology sector lost 4.36%, while the S&P 500 lost 1.37%.

Wall Street will be looking for positivity from Corning as it approaches its next earnings report date. On that day, Corning is projected to report earnings of $0.53 per share, which would represent year-over-year growth of 1.92%. Meanwhile, our latest consensus estimate is calling for revenue of $3.64 billion, up 9.41% from the prior-year quarter.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.06 per share and revenue of $14.04 billion. These totals would mark changes of +48.2% and +22.56%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Corning. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Corning currently has a Zacks Rank of #4 (Sell).

Looking at its valuation, Corning is holding a Forward P/E ratio of 17.78. Its industry sports an average Forward P/E of 19.43, so we one might conclude that Corning is trading at a discount comparatively.

It is also worth noting that GLW currently has a PEG ratio of 0.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Communication - Components was holding an average PEG ratio of 1.88 at yesterday's closing price.

The Communication - Components industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 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.

You can find more information on all of these metrics, and much more, on Zacks.com.





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