Corning Incorporated (GLW - Free Report) recently announced that it will display an extended range of precision glass solutions at Semicon Taiwan — one of the major tradeshows for microelectronics industry in the world.
The company will showcase its portfolio of glass substrates as well as complementary technologies like automated laser glass-cutting machines and glass characterization tools. Notably, the company’s exhibit will include glass carriers for advanced semiconductor packaging, high refractive-index glass, polymers as well as coatings for augmented reality devices among others. Precision glass solutions help in resolving complex customer issues with the help of Corning’s multiple capabilities including advanced glass and ceramic manufacturing platforms, bonding technologies, automated laser glass-cutting and expertise in optical design.
Existing Business Scenario
Corning is a leading innovator in the glass substrate industry. The company has been developing formulations that are not only suitable for imparting superior picture quality, but also taking care of their effects on the environment. In the past three months, this Zacks Rank #2 (Buy) stock has gained 15.6% compared with the industry growth of 6.2%.
The company is a leader in the display, mobile consumer electronics and automotive markets, which positions it well to deliver advanced technical glass solutions to auto glass customers. The company is benefiting from strength in its Optical Communications, Environmental Technologies and Life Sciences business lines. Solid demand for Gorilla Glass products and fiber optics products remain a key catalyst. We believe that the product portfolio strength along with the expanding market bode well for Corning in the long term.
Moreover, the company’s Strategy and Capital Allocation Framework plans to return more than $12.5 billion to shareholders in the form of share buybacks and dividends. For instance, at the end of second-quarter 2018, the company returned $10.8 billion to shareholders through share buybacks, including $829 million in the second quarter. Management’s aim to return value to shareholders through regular share repurchases and dividends is quite encouraging.
Other Key Picks
Some other top-ranked stocks in the same space are Acacia Communications, Inc. (ACIA - Free Report) , Plantronics, Inc. (PLT - Free Report) and AudioCodes Ltd. . All these companies carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Acacia Communications surpassed estimates in each of the trailing four quarters with an average beat of 37.64%.
Plantronics exceeded estimates in each of the trailing four quarters with an average beat of 21.09%.
AudioCodes surpassed estimates in each of the trailing four quarters with an average beat of 26.16%.
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