Market Update: Corning Inc (NYSE:GLW) – Dow Corning Reports First Quarter 2016 Financial Performance

[Business Wire] – Dow Corning Corp. today announced first quarter 2016 sales of $1.32 billion, a three percent decrease compared to 2015, and net income of $112 million. Adjusted net income in the first quarter of 2016 was $116 million, a 14 percent increase compared with the first quarter of 2015. Read more on this. Corning Inc. (GLW) , valued at $20.43B, started trading this morning at $18.88. During the trading session, GLW traded between $18.55 to $18.90 with its 52-week range being $15.42 to $22.05. GLW shares are currently priced at 13.69x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 13.74x earnings multiple. And for passive income investors, the company pays shareholders $0.54 per share annually in dividends, yielding 2.58%. According to a consensus of 15 analysts, the earnings estimate of $0.34 per share would be $0.04 worse than the year-ago quarter and a $0.01 sequential decrease. The full-year EPS estimate is $1.38, which would be a $0.02 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.40 Billion. If reported, that would be a 4.76% decrease over the year-ago quarter. Recently, Goldman upgraded GLW from Neutral to Buy (Apr 12, 2016). Previously, JP Morgan downgraded GLW from Overweight to Neutral. Given all the information above, we should disclose to readers that the average price target is $20.17, which is 6.83% above than it opened this morning. See more in (NYSE:GLW) Similar Articles: Market Update: Corning Inc (NYSE:GLW) – Corning CEO Addresses Shareholders at Annual Meeting Market Update: Corning Inc (NYSE:GLW) – Alliance Fiber Optic Products Skyrockets 20%, Co. To Be Acquired By Corning Market Update: Corning Inc (NYSE:GLW) – Corning Named 2016 ENERGY STAR® Partner of the Year