Corning Receives Neutral Rating from Zacks (GLW)
Corning (NYSE:GLW)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued on Friday. They currently have a $23.00 price objective on the stock. Zacks‘s price target points to a potential upside of 6.14% from the stock’s previous close.
Zacks’ analyst wrote, “Corning is primarily a developer of advanced glass substrates for multiple markets. First quarter earnings beat the Zacks Consensus Estimate, although the GG business remained soft, impacted by pricing. Management provided positive guidance, indicating stronger results in the next quarter. The weaker-than-expected demand for touch-screen computing devices impacted revenues, but Corning’s strong position in other markets should not be discounted. Additionally, while Corning’s huge debt balance adds to its risk, net cash remains positive and interest payments small with respect to earnings. Thus, we have Neutral recommendation on Corning shares.”
Several other analysts have also recently commented on the stock. Analysts at Bank of America reiterated a “positive” rating on shares of Corning in a research note on Tuesday, May 20th. Separately, analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 30th. Finally, analysts at RBC Capital raised their price target on shares of Corning from $19.00 to $22.00 in a research note on Tuesday, April 29th. They now have a “sector perform” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $20.36.
Corning (NYSE:GLW) traded up 0.95% on Friday, hitting $21.875. The stock had a trading volume of 5,435,342 shares. Corning has a 1-year low of $13.82 and a 1-year high of $21.77. The stock’s 50-day moving average is $21.2 and its 200-day moving average is $19.50. The company has a market cap of $28.623 billion and a P/E ratio of 17.82. Corning also saw a large decline in short interest in the month of May. As of May 30th, there was short interest totalling 24,486,161 shares, a decline of 19.4% from the May 15th total of 30,372,161 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily trading volume, of 7,739,645 shares, the days-to-cover ratio is currently 3.2 days.
Corning (NYSE:GLW) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, analysts predict that Corning will post $1.50 earnings per share for the current fiscal year.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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