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Corning (GLW) Flagged As Today's Pre-Market Laggard

Stock quotes in this article: GLW

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Corning ( GLW) as a pre-market laggard candidate. In addition to specific proprietary factors, Trade-Ideas identified Corning as such a stock due to the following factors:

  • GLW has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $228.9 million.
  • GLW traded 20,600 shares today in the pre-market hours as of 8:00 AM.
  • GLW is down 2.3% today from Friday's close.

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More details on GLW:

Corning Incorporated produces and sells specialty glasses, ceramics, and related materials worldwide. It operates through five segments: Display Technologies, Telecommunications, Environmental Technologies, Specialty Materials, and Life Sciences. The stock currently has a dividend yield of 2.1%. GLW has a PE ratio of 15.7. Currently there are 7 analysts that rate Corning a buy, 1 analyst rates it a sell, and 5 rate it a hold.

The average volume for Corning has been 10.6 million shares per day over the past 30 days. Corning has a market cap of $27.5 billion and is part of the technology sector and electronics industry. The stock has a beta of 1.71 and a short float of 2.8% with 3.15 days to cover. Shares are up 2.2% year-to-date as of the close of trading on Friday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Corning as a buy. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income.

Highlights from the ratings report include:

  • Compared to its closing price of one year ago, GLW's share price has jumped by 55.19%, exceeding the performance of the broader market during that same time frame. Regarding the stock's future course, although almost any stock can fall in a broad market decline, GLW should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • Despite its growing revenue, the company underperformed as compared with the industry average of 1.7%. Since the same quarter one year prior, revenues slightly increased by 1.4%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.
  • GLW's debt-to-equity ratio is very low at 0.13 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with this, the company maintains a quick ratio of 4.33, which clearly demonstrates the ability to cover short-term cash needs.
  • The gross profit margin for CORNING INC is rather high; currently it is at 55.20%. Regardless of GLW's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, GLW's net profit margin of 19.73% significantly outperformed against the industry.
  • CORNING INC's earnings per share declined by 22.2% in the most recent quarter compared to the same quarter a year ago. The company has suffered a declining pattern of earnings per share over the past two years. However, we anticipate this trend to reverse over the coming year. During the past fiscal year, CORNING INC reported lower earnings of $1.16 versus $1.76 in the prior year. This year, the market expects an improvement in earnings ($1.22 versus $1.16).

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