{"id":5201,"date":"2023-10-31T23:53:34","date_gmt":"2023-10-31T23:53:34","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/whats-next-for-corning-stock-after-a-13-fall-in-a-month\/"},"modified":"2023-10-31T23:53:35","modified_gmt":"2023-10-31T23:53:35","slug":"whats-next-for-corning-stock-after-a-13-fall-in-a-month","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5201","title":{"rendered":"What\u2019s Next For Corning Stock After A 13% Fall In A Month?"},"content":{"rendered":"
\n

Corning<\/strong>
\n GLW
\n <\/fbs-ticker> (NYSE: GLW) recently reported its Q3 results, with revenues and earnings falling below the street estimates. Although GLW stock is trading at 1.7x sales, lower than its last five-year average of 2.4x, a slight decline in valuation multiple is justified given the declining sales for Corning, a trend expected to continue in the near term.<\/p>\n

Corning reported revenue of $3.2 billion, reflecting a 9% decline from the prior year period. Core sales stood at $3.5 billion, marginally short of the street expectations. Its adjusted earnings of $0.45 per share were also lower than the consensus estimate of $0.47 figure. In this note, we discuss Corning\u2019s stock performance, key takeaways from its recent results, and valuation.<\/p>\n

GLW stock has faced a notable decline of 30% from levels of $35 in early January 2021 to around $25 now, vs. an increase of about 10% for the S&P 500 over this roughly 3-year period. However, the decrease in GLW stock has been far from consistent. Returns for the stock were 3% in 2021, -14% in 2022, and -17% in 2023. In comparison, returns for the S&P 500 have been 27% in 2021, -19% in 2022, and 7% in 2023 – indicating that GLW underperformed the S&P<\/strong> in 2021 and 2023.<\/p>\n

In fact, consistently beating the S&P 500<\/strong> – in good times and bad – has been difficult over recent years for individual stocks; for heavyweights in the Technology sector, including AAPL, MSFT, and NVDA, and even for the mega-cap stars GOOG, TSLA, and AMZN.<\/p>\n

<\/fbs-ad><\/p>\n

In contrast, the Trefis High Quality Portfolio, with a collection of 30 stocks, has outperformed the S&P 500 each year<\/strong> over the same period. Why is that?<\/strong> As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index, less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.<\/p>\n

Given the current uncertain macroeconomic environment with high oil prices and elevated interest rates, could GLW face a similar situation as it did in 2021 and 2023 and underperform the S&P<\/strong> over the next 12 months – or will it see a recovery? From a valuation perspective, GLW stock looks like it has room for growth. We estimate Corning\u2019s Valuation<\/strong> to be $31 per share, reflecting around 17% upside from its current levels of $27. Our forecast is based on an 18x P\/E multiple for GLW and expected earnings of $1.71 on a per-share and adjusted basis for the full year 2023. The company expects its adjusted earnings per share to be in the range of $1.70 and $1.75 for 2023. The 18x P\/E multiple compares with the last four-year average of 19x. We have lowered the valuation multiple amid falling sales for Corning and a weak demand outlook for its business segments, including display and optical communication.<\/p>\n

Corning\u2019s revenue of $3.2 billion was down 9% y-o-y due to a 30% fall in optical communications sales amid fewer orders from mobile carriers. The company saw its profit margin contract 90 bps y-o-y to 7.5% in Q3. Lower revenues and margin contraction resulted in earnings of $0.45 on a per-share and adjusted basis, compared to $0.51 per share in the prior year period.<\/p>\n

While GLW stock looks like it has room for growth, it is helpful to see how Corning\u2019s Peers<\/strong> fare on metrics that matter. You will find other valuable comparisons for companies across industries at Peer Comparisons<\/strong>.<\/strong><\/p>\n

Invest with Trefis <\/strong>Market Beating Portfolios<\/strong><\/p>\n

See all Trefis <\/strong>Price Estimates<\/strong><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Corning GLW (NYSE: GLW) recently reported its Q3 results, with revenues and earnings falling below the street estimates. Although GLW stock is trading at 1.7x sales, lower than its last five-year average of 2.4x, a slight decline in valuation multiple is justified given the declining sales for Corning, a trend expected to continue in the near term. Corning reported revenue of $3.2 billion, reflecting a 9% decline from the prior year period. Core sales stood at $3.5 billion, marginally short of the street expectations. Its adjusted earnings of $0.45 per share were also lower than the consensus estimate of $0.47<\/p>\n","protected":false},"author":1,"featured_media":5202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-5201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nWhat\u2019s Next For Corning Stock After A 13% Fall In A Month? | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Corning GLW (NYSE: GLW) recently reported its Q3 results, with revenues and earnings falling below the street estimates. 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