UBS AG Lowers Corning Price Target to $16.00 (GLW)
Stock analysts at UBS AG cut their price target on shares of Corning (NYSE:GLW) to $16.00 in a report issued on Tuesday, Analyst Ratings Net reports. The firm currently has a “buy” rating on the stock. UBS AG’s price target indicates a potential upside of 11.03% from the stock’s previous close.
Corning (NYSE:GLW) traded up 0.28% on Tuesday, hitting $14.45. The stock had a trading volume of 5,748,641 shares. Corning has a one year low of $10.71 and a one year high of $16.43. The stock has a 50-day moving average of $14.5 and a 200-day moving average of $14.65. The company has a market cap of $21.103 billion and a price-to-earnings ratio of 11.19.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.01. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Corning will post $1.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Wednesday, November 13th.
GLW has been the subject of a number of other recent research reports. Analysts at Credit Agricole reiterated an “underperform” rating on shares of Corning in a research note to investors on Tuesday. Separately, analysts at Piper Jaffray Cos. downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note to investors on Friday. They now have a $14.00 price target on the stock, down previously from $19.00. Finally, analysts at Argus reiterated a “buy” rating on shares of Corning in a research note to investors on Wednesday, October 2nd. They now have a $14.74 price target on the stock, down previously from $20.00. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $15.85.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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