Corning PT Lowered to $18.00 (GLW)
Equities researchers at Cantor Fitzgerald cut their price objective on shares of Corning (NYSE:GLW) from $19.00 to $18.00 in a research report issued on Thursday. Cantor Fitzgerald’s price objective indicates a potential downside of 9.46% from the company’s current price.
A number of other analysts have also recently weighed in on GLW. Analysts at Zacks reiterated an “outperform” rating on shares of Corning in a research note on Wednesday. They now have a $24.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Corning in a research note on Wednesday. They now have a $21.00 price target on the stock, down previously from $23.00. Finally, analysts at RBC Capital cut their price target on shares of Corning from $22.00 to $20.00 in a research note on Wednesday. They now have a “sector perform” rating on the stock. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. Corning presently has an average rating of “Hold” and an average target price of $20.86.
Shares of Corning (NYSE:GLW) traded up 1.17% on Thursday, hitting $19.88. The stock had a trading volume of 11,729,307 shares. Corning has a 52 week low of $13.82 and a 52 week high of $22.37. The stock’s 50-day moving average is $21.61 and its 200-day moving average is $20.40. The company has a market cap of $25.645 billion and a price-to-earnings ratio of 21.66. Corning also saw a large decline in short interest during the month of July. As of July 15th, there was short interest totalling 23,955,492 shares, a decline of 9.7% from the June 30th total of 26,542,446 shares. Based on an average daily volume of 6,350,007 shares, the days-to-cover ratio is currently 3.8 days. Approximately 1.8% of the company’s shares are sold short.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.37 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.38 by $0.01. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 27.5% on a year-over-year basis. On average, analysts predict that Corning will post $1.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, September 30th. Stockholders of record on Friday, August 29th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Wednesday, August 27th.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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