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Corning Incorporated (GLW)
NYSE - NYSE Delayed Price. Currency in USD
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At close: 04:03PM EDT
2,498 reactions on $GLW conversation
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Hoping for ten more days like today to get back on track.
Analyst Note | by William Kerwin Updated Apr 26, 2022
Narrow-moat Corning beat the high end of its top-line guidance range in its first quarter and guided to a strong second quarter. Conversely, Corning continues to face increased input and logistics costs that weigh on profitability even as revenue continues to grow. As such, we’re maintaining our fair value estimate of $42 per share. Corning’s Optical segment continued to be its strongest growth outlet. This aligns with our long-term view that there will be robust demand for optical fiber as data center construction accelerates. To alleviate some margin pressure stemming from inflationary and higher input costs, Corning was able to negotiate increased prices in long-term contracts with its customers and we anticipate this trend to continue throughout 2022. Shares are up around 4% after the release based on positive annual sales guidance, and we continue to view Corning as undervalued.
The leverage, Net Debt/Ebitda, came down Q1 to 1.28 from year end prior of 1.43. Estimates for '22 year end are 1.15. Good sign.
Like I said we will be fine, market is long value and short growth, even better if you are holding value, growth and a dividend stock.
It's a shame we can't even keep pace with the market on a huge up day.
Nice earnings. Unfortunately after last beat it popped and then equities got re-rated with Fed upping rates. But I think it's finally got a good trajectory for longer term. Had the fiber bust, then the financial crash, and then cyclical nature of some of its business, but still innovating and growing.
On CNBC, when they talk about earnings, there is no mention of GLW. Wall Street really does not recognize this company as much as the others.
Barron's reportedly had a story that the slowing economy might impact GLW. Who knows with what is going on in this crazy market.
GLW had such good earnings and guidance, it is so hard to see why it would tank so much. I guess the market has become a black hole.
I have not heard the entire call, but the two best things I heard is that the yen core rate will stay at 107 for a few years and many of the new optical innovations are addressing the labor shortage and faster installation.
I would have hoped for higher FCF, but it's not bad considering the operating environment right now is very tough and they are building up inventory, which is a good sign both from a demand and operational standpoint.
@HOBO: In response to your comments, "today's action" is most discouraging, as usual with GLW, especially considering the favorable earnings report.
Pity the market was a disaster yesterday, as we may have had a much better day otherwise; however, also seeing yesterday's PPS gains erased today is painful.
As mentioned previously, a day in the life of a GLW shareholder is often fraught with pain.
Based on the value offered for Corning I would be surprised if this not over $40 by mid may of not alot sooner. Low risk currently at these levels.
GLW is a lost cause. The real reason for the underperformance is due to all of Corning’s foreign assets and factories, especially in China. If the US and China go to war, half of Cornings factories will be a total write off.
Looks like the whiners are out today, no one had anything to say yesterday after the solid Q1 numbers and outperformance on a bloodbath day. No fundamental research or analysis, just crying about relative performance to the market on a daily/hourly basis. I usually look at what a company does versus what it says, right now GLW is walking the talk. Infact one analyst asked the question about what the street is missing and if you look at my previous posts, I’ve mentioned that most analysts underestimate or short sell the strength of Corning. It is going to be a rocky year but I’d rather play defense with GLW, low P/E, dividend and a solid balance sheet. Either buy, sell or hold the stock and when you feel like crying maybe check your diapers.
It is a good thing earnings were good; with the market today we would certainly be under 30 if they weren’t.
Wendell should announce an accelerated buyback so he can line his pockets with more shareholder wealth. That’s all that they’ve effectively done with them. $6 share gain in 5 years and Wendell makes $20 million a year here.
Has anyone considered the fact that the company has significant headquarters and manufacturing facilities in Shanghai which is completely shut down due to Covid. Suspect 'smart' money recognizes this and is therefore selling because there could be an effect revenue and earnings. Management should comment in this regard but does not have to until the effect becomes 'significant'.
In 2006 this stock was at 29.06 and now 16 years later it is 33.67! I hope someone presents this fact to Weeks and have him comment. Sure we have a good dividend, but compared to other growth/value stocks, bonds would have been comparable.
Company needs to restructure. Too top heavy. Too many VPs. Each of the 5 segments has a business head VP and in aggregate these guys pull in over 400,000 shares in options every year. Re-organize into Consumer segment and Business segment. 2 VPs. Keep the 2 of the 5 best and fire the other jokers.
What they are doing now just isn't working, except for the overpaid insiders. Time to restructure and streamline and give returns to shareholders.
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