Per media reports, Corning Incorporated (GLW - Free Report) recently unveiled a new glass substrate — Astra Glass. This cutting-edge solution has been optimized for medium-to-large size, immersive displays in high-end tablets, notebooks and 8K TVs, and will help fortify the company’s market leadership in glass technology.
The specialty glass maker aims to maintain a healthy momentum by continuing to invest in its focused and cohesive portfolio to drive long-term growth. Notably, Astra Glass meets the high-temperature requirements of oxide processing and complements Corning’s portfolio of display substrates, along with EAGLE XG Glass and Lotus NXT Glass. It is designed to enable the higher pixel density of high-performance displays that panel makers need to meet consumers’ increased demand for faster and more realistic images.
Corning is well poised to drive its business across markets with increasing market traction of technologies like Lotus NXT Glass, Gorilla Glass, Augmented Reality Precision Glass Solutions, and Iris Glass in smart devices. The company is also likely to benefit from the commercialization of innovative technologies that have been formulated to align with key industry trends.
Driven by diligent execution of operational goals alongside investments in product development and manufacturing capacity, the stock has recorded an average return of 54.1% compared with the industry’s rise of 77.5% over the past three years. It is to be seen whether such in-demand product offerings can deliver sales and profit growth in the near future.
Meanwhile, the company is actively pursuing strategic objectives to secure additional value for shareholders and customers. It has long-term earnings growth expectation of 9.7%. Corning is progressing well to achieve goals of 2016-2019 Strategy and Capital Allocation Framework.
Since the program began, it has returned $12.3 billion to shareholders, including $414 million in first-quarter 2019. The company plans to deliver more than $12.5 billion to shareholders, while investing $10 billion in growth opportunities.
Currently, Corning has a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader industry are Knowles Corp. (KN - Free Report) , Harris Corp. (HRS - Free Report) and Viasat, Inc. (VSAT - Free Report) . While Knowles sports a Zacks Rank #1 (Strong Buy), Harris and Viasat carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Knowles has long-term earnings growth expectation of 10%.
Harris has long-term earnings growth expectation of 8%.
Viasat has long-term earnings growth expectation of 15.3%.
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