NYSE:GLW

Stock Analysis Report

Executive Summary

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide.

Snowflake

Fundamentals

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has Corning's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-6.9%

NYSE:GLW

-0.3%

US Electronic

-0.02%

US Market


1 Year Return

-20.9%

NYSE:GLW

-0.6%

US Electronic

1.6%

US Market

GLW underperformed the Electronic industry which returned -1% over the past year.

GLW underperformed the Market in United States of America which returned 1.9% over the past year.


Share holder returns

GLWIndustryMarket
7 Day-6.9%-0.3%-0.02%
30 Day0.04%6.9%2.7%
90 Day-15.8%1.1%1.4%
1 Year-18.8%-20.9%0.4%-0.6%3.8%1.6%
3 Year30.4%21.5%51.5%47.3%45.2%35.8%
5 Year55.8%38.2%70.5%62.0%61.8%44.1%

Price Volatility Vs. Market

How volatile is Corning's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Corning undervalued based on future cash flows and its price relative to the stock market?

5%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Corning's share price is below the future cash flow value, but not at a moderate discount (< 20%).

Corning's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Corning is good value based on earnings compared to the US Electronic industry average.

Corning is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Corning is poor value based on expected growth next year.


Price Based on Value of Assets

Corning is good value based on assets compared to the US Electronic industry average.


Next Steps

Future Growth

How is Corning expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

14.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Corning's revenue is expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).

Corning's earnings are expected to grow by 14.3% yearly, however this is not considered high growth (20% yearly).

Corning's revenue growth is positive but not above the United States of America market average.

Corning's earnings growth is expected to exceed the United States of America market average.

Corning's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Corning is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Corning performed over the past 5 years?

-19.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Corning's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.

Corning has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.

Corning has become profitable in the last year making it difficult to compare the US Electronic industry average.


Return on Equity

Corning has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Corning used its assets less efficiently than the US Electronic industry average last year based on Return on Assets.


Return on Capital Employed

Corning has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Corning's financial position?


Financial Position Analysis

Corning is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Corning's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Corning's level of debt (46.9%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (17% vs 46.9% today).

Debt is well covered by operating cash flow (31.7%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 9.3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is covered by short term assets, assets are 1x debt.


Next Steps

Dividend

What is Corning's current dividend yield, its reliability and sustainability?

3.16%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Corning's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).

Corning's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.3x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).


Next Steps

Management

What is the CEO of Corning's salary, the management and board of directors tenure and is there insider trading?

4.1yrs

Average management tenure


CEO

Wendell Weeks (59yo)

14.4yrs

Tenure

US$14,921,071

Compensation

Mr. Wendell P. Weeks has been the Chief Executive Officer and President of Corning Incorporated since April 26, 2005 and December 2010 respectively and has been its Chairman since April 26, 2007. Mr. Weeks ...


CEO Compensation Analysis

Wendell's remuneration is higher than average for companies of similar size in United States of America.

Wendell's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

4.1yrs

Average Tenure

60yo

Average Age

The tenure for the Corning management team is about average.


Board Age and Tenure

11.5yrs

Average Tenure

69yo

Average Age

The average tenure for the Corning board of directors is over 10 years, this suggests they are a seasoned and experienced board.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellUS$395,85128 Nov 18
Lewis Steverson
EntityIndividual
Role
Chief Legal Officer
Executive VP & General Counsel
Shares12,577
Max PriceUS$31.47

Ownership Breakdown


Management Team

  • Wendell Weeks (59yo)

    Chairman

    • Tenure: 14.4yrs
    • Compensation: US$14.92m
  • Lawrence McRae (60yo)

    Vice Chairman & Corporate Development Officer

    • Tenure: 4.1yrs
    • Compensation: US$4.51m
  • James Clappin (62yo)

    Executive Vice President of Corning Glass Technologies

    • Tenure: 1.9yrs
    • Compensation: US$4.50m
  • R. Tripeny (60yo)

    Executive VP & CFO

    • Tenure: 4yrs
    • Compensation: US$4.48m
  • Lewis Steverson (55yo)

    Executive VP & General Counsel

    • Tenure: 6.3yrs
    • Compensation: US$5.24m
  • David Morse (67yo)

    Executive VP & CTO

    • Tenure: 7.3yrs
    • Compensation: US$4.55m
  • Ann H. Nicholson

    Division Vice President of Investor Relations

    • Tenure: 6.2yrs
  • Anne Mullins

    Senior VP and Chief Digital & Information Officer

    • Tenure: 0.08yrs
  • Edward Schlesinger (51yo)

    Senior VP

    • Tenure: 3.8yrs
  • Charles Craig

    Senior Vice President of Science & Technology

    • Tenure: 0yrs

Board Members

  • John Canning (74yo)

    Director

    • Tenure: 9.3yrs
    • Compensation: US$312.49k
  • Wendell Weeks (59yo)

    Chairman

    • Tenure: 14.4yrs
    • Compensation: US$14.92m
  • Hansel Tookes (71yo)

    Director

    • Tenure: 18.7yrs
    • Compensation: US$321.99k
  • Dick Clark (73yo)

    Lead Independent Director

    • Tenure: 6.6yrs
    • Compensation: US$349.49k
  • Kurt Landgraf (72yo)

    Independent Director

    • Tenure: 12.7yrs
    • Compensation: US$342.49k
  • Deb Rieman (69yo)

    Director

    • Tenure: 20.7yrs
    • Compensation: US$324.99k
  • Mark Wrighton (69yo)

    Director

    • Tenure: 10.6yrs
    • Compensation: US$302.99k
  • Bob Cummings (68yo)

    Independent Director

    • Tenure: 12.9yrs
    • Compensation: US$319.99k
  • Stephanie Burns (64yo)

    Director

    • Tenure: 7.7yrs
    • Compensation: US$317.99k
  • Kevin Martin (52yo)

    Director

    • Tenure: 6.6yrs
    • Compensation: US$301.99k

Company Information

Corning Incorporated's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Corning Incorporated
  • Ticker: GLW
  • Exchange: NYSE
  • Founded: 1851
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: US$21.786b
  • Shares outstanding: 780.87m
  • Website: https://www.corning.com

Number of Employees


Location

  • Corning Incorporated
  • One Riverfront Plaza
  • Corning
  • New York
  • 14831
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GLWNYSE (New York Stock Exchange)YesCommon StockUSUSDJan 1968
GLWSWX (SIX Swiss Exchange)YesCommon StockCHCHFJan 1968
GLWDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1968
GLW *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNJan 1968
0R2XLSE (London Stock Exchange)YesCommon StockGBUSDJan 1968

Biography

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company’s Display Technologies seg ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/09/18 23:34
End of Day Share Price2019/09/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.