Corning Short Interest Down 19.4% in May (GLW)
Corning (NYSE:GLW) saw a large drop in short interest in May. As of May 30th, there was short interest totalling 24,486,161 shares, a drop of 19.4% from the May 15th total of 30,372,161 shares, AR Network reports. Based on an average daily trading volume, of 7,739,645 shares, the short-interest ratio is presently 3.2 days. Approximately 1.9% of the shares of the stock are short sold.
Several analysts have recently commented on the stock. Analysts at Susquehanna raised their price target on shares of Corning from $26.00 to $27.00 in a research note on Monday. Separately, 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. Finally, analysts at Bank of America reiterated a “positive” rating on shares of Corning in a research note on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $20.43.
Shares of Corning (NYSE:GLW) opened at 21.76 on Tuesday. 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 $21.26 and its 200-day moving average is $19.. The company has a market cap of $28.472 billion and a price-to-earnings ratio of 17.97.
Corning (NYSE:GLW) last posted its quarterly earnings results 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 in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 31.7% on a year-over-year basis. Analysts expect that Corning will post $1.50 EPS for the current fiscal year.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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