Corning PT Raised to $27.00 (GLW)
Investment analysts at Susquehanna lifted their price objective on shares of Corning (NYSE:GLW) from $26.00 to $27.00 in a note issued to investors on Monday. Susquehanna’s price objective would suggest a potential upside of 23.57% from the company’s current price.
Shares of Corning (NYSE:GLW) traded down 0.07% during mid-day trading on Monday, hitting $21.835. 2,969,189 shares of the company’s stock traded hands. Corning has a 52-week low of $13.82 and a 52-week high of $21.99. The stock’s 50-day moving average is $21.24 and its 200-day moving average is $19.54. The company has a market cap of $28.571 billion and a price-to-earnings ratio of 17.97. Corning also was the recipient of 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. Approximately 1.9% of the company’s shares are sold short. Based on an average daily trading volume, of 7,739,645 shares, the short-interest ratio is presently 3.2 days.
Corning (NYSE:GLW) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters 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 last year, the company posted $0.30 earnings per share. Corning’s revenue was up 31.7% compared to the same quarter last year. Analysts expect that Corning will post $1.50 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Friday. They now have a $23.00 price target on the stock. Separately, analysts at Bank of America reiterated a “positive” rating on shares of Corning in a research note on Tuesday, May 20th. Finally, analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $20.43.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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