3 reasons why now is a good time to invest in Corning Incorporated
Corning’s financial report for the first quarter of 2017 indicated that the company had a good performance in its revenue.
Manufacturing company Corning Incorporated (NYSE:GLW) has been in the business for more than 165 years. Based in Corning, New York, the company is known for producing glass and ceramic materials for industrial and scientific use. One of Corning’s most popular products is its Gorilla glass, a special glass used in devices such as iPhones for damage resistance.
Corning Incorporated has been making quite a buzz with its shares lately. According to Forbes, it has been winning against technology giant Apple in the past six months. The firm’s shares earned 23.74 percent while Apple gained 22.20 percent. Additionally, the forward price to earnings of Corning for July 2017 is at 16.11 while Apple’s is at 13.63. These factors should get the attention of technology investors.
So if you’re planning to invest in tech stocks, here are three more reasons why you should consider buying stocks of Corning Incorporated.
First, Seeking Alpha reported that while the company is undervalued at $30.87 a share, it is continuing to produce returns higher than its equals in the industry thanks to the company’s display technologies segment.
Second, according to the company’s financial results for the first quarter of 2017, all of its business segments’ revenues experienced excellent year-on-year growth. Corning’s Optical Communications segment had a 34 percent increase in sales from $609 million of Q1 2016 to $818 million of Q1 2017. The report ended on a positive note as the company expects more year-over-year hike in its sales and earnings per share in the second quarter of 2017.
Third, Reuters reported that the Optical Communications segment of Corning recently got a major deal with Verizon Communications Inc. in April. In the deal, Verizon is to purchase $1.05 billion of the optical fiber from Corning for the former’s betterment of its network infrastructure. Also, Apple announced in May that it granted Corning Incorporated $200 million from the Advanced Manufacturing Fund of Apple to provide for the research and development, equipment necessity and innovative glass manufacturing of Corning.
With Verizon making a deal and Apple granting funds to Corning, so many opportunities await for the company this year, and most likely, further growth as well.
Featured photo by Comessu via Wikimedia Commons. CC BY 3.0
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Adult-Use Cannabis Could Soon Be Legalized in Colombia
Colombia is one step closer to the legalization of adult-use cannabis. Many parliamentarians who were previously fervently opposed to the...
Why Ripple Registered a 29% Weekly Increase
The number of daily transactions on Ripple recently reached 2.3 million, the highest in 16 months. At the same time,...
Moderna Will Pay $70 Million to Generation Bio for Genetic Medicines
Moderna closed 2022 with a profit of $8.36 billion, which represents a decrease of 31% compared to the previous year....
Cotton Demand Has Been Ramping Up for the Last Couple of Months but Fell Off
Cotton was lower and closed at new lows for the move. Chart trends turned down again with the price action...
The US Equity Crowdfunding Platform WeFunder Launches in Europe
Unlike the other platforms, WeFunder has taken a "soft" approach compared to, for example, Republic's $100 million acquisition of Seedrs,...
Biotech2 weeks ago
GenomeUp Closes 1.5 Million Round Led by Scientifica and Lazio Innova
Cannabis6 days ago
The Market for CBD Skincare Products Is Gaining Popularity
Biotech2 weeks ago
Prometheus Surpasses the Minimum Target of 1.6 Million in 24h
Business2 days ago
Stock Market Goes Nowhere Fast, as Gold Approaches a New All-Time High
You must be logged in to post a comment Login