Corning Given Average Rating of “Hold” by Analysts (NYSE:GLW)
Shares of Corning (NYSE:GLW) have received an average recommendation of “Hold” from the twenty-one brokerages that are presently covering the company, American Banking & Market News reports. One investment analyst has rated the stock with a sell recommendation, twelve have issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $20.64.
Several analysts have recently commented on the stock. Analysts at Argus raised their price target on shares of Corning from $24.00 to $27.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Corning from $26.00 to $27.00 in a research note on Monday. Finally, 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.
Shares of Corning (NYSE:GLW) traded up 0.97% during mid-day trading on Tuesday, hitting $21.97. The stock had a trading volume of 595,207 shares. Corning has a 1-year low of $13.82 and a 1-year high of $21.99. The stock’s 50-day moving average is $21.26 and its 200-day moving average is $19.. The company has a market cap of $28.747 billion and a price-to-earnings ratio of 17.89. Corning also was the target of a significant decrease in short interest in May. As of May 30th, there was short interest totalling 24,486,161 shares, a decrease of 19.4% from the May 15th total of 30,372,161 shares. Based on an average daily volume of 7,739,645 shares, the days-to-cover ratio is presently 3.2 days. Currently, 1.9% of the company’s stock are short sold.
Corning (NYSE:GLW) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ 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.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.