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Corning Inc GLW

Morningstar Rating
$32.45 +0.21 (0.65%)
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Company Report

Corning Earnings: Market Now Appears to Match Our Recovery Optimism; Shares Are Fairly Valued

We maintain our $35 fair value estimate for shares of narrow-moat Corning after its fourth-quarter results and first-quarter guidance came in line with our expectations. Corning’s results continue to weaken amid slow customer spending caused by soft consumer demand and data center inventory digestion. After a double-digit sales decline in 2023, however, we expect a return to growth in 2024. The largest driver of our recovery thesis is a return to optical fiber spending from data center customers and service providers, but we expect the recovery to be broad-based overall. Corning is now guiding to sequential growth in 2024 after the first quarter, which we think is why shares shot up 8% following the release. We see shares as fairly valued.

Price vs Fair Value

GLW is trading at a 7% discount.
Price
$32.45
Fair Value
$58.00
Uncertainty
Medium
1-Star Price
$33.97
5-Star Price
$83.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Corning boasts a leading share in four distinct end markets: display glass, optical fiber, cover glass, and emissions substrates/filters.

Bears

Corning operates in highly capital-intensive markets that limit its free cash flow conversion.

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News

Trading Information

Previous Close Price
$32.24
Day Range
$32.0832.62
52-Week Range
$25.2636.02
Bid/Ask
$31.82 / $32.50
Market Cap
$27.70 Bil
Volume/Avg
4.7 Mil / 4.4 Mil

Key Statistics

Price/Earnings (Normalized)
19.09
Price/Sales
2.21
Dividend Yield (Trailing)
3.45%
Dividend Yield (Forward)
3.45%
Total Yield
3.45%

Company Profile

Corning is a leader in materials science, specializing in the production of glass, ceramics, and optical fiber. The firm supplies its products for a wide range of applications, from flat-panel displays in televisions to gasoline particulate filters in automobiles to optical fiber for broadband access, with a leading share in many of its end markets.
Sector
Technology
Industry
Electronic Components
Stock Style Box
Mid Value
Total Number of Employees
49,800

Competitors

Valuation

Metric
GLW
APH
2317
Price/Earnings (Normalized)
19.0936.8112.13
Price/Book Value
2.407.950.95
Price/Sales
2.215.480.23
Price/Cash Flow
12.8928.817.76
Price/Earnings
GLW
APH
2317

Financial Strength

Metric
GLW
APH
2317
Quick Ratio
0.781.361.17
Current Ratio
1.672.171.57
Interest Coverage
3.3618.602.67
Quick Ratio
GLW
APH
2317

Profitability

Metric
GLW
APH
2317
Return on Assets (Normalized)
5.09%11.95%3.55%
Return on Equity (Normalized)
12.54%24.58%9.90%
Return on Invested Capital (Normalized)
8.39%16.36%5.04%
Return on Assets
GLW
APH
2317
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