Corning Short Interest Down 9.7% in July (GLW)
Shares of Corning (NYSE:GLW) saw a large decline in short interest in 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, American Banking and Market News reports. Based on an average daily trading volume, of 6,350,007 shares, the short-interest ratio is currently 3.8 days. Currently, 1.8% of the company’s shares are sold short.
Several analysts have recently commented on the stock. Analysts at Cantor Fitzgerald cut their price target on shares of Corning from $19.00 to $18.00 in a research note on Thursday, July 31st. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $24.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $21.00 price target on the stock, down previously from $23.00. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.86.
Corning (NYSE:GLW) opened at 20.05 on Tuesday. 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 $21.58 and its 200-day moving average is $20.4. The company has a market cap of $25.885 billion and a price-to-earnings ratio of 21.92.
Corning (NYSE:GLW) last issued its quarterly earnings data 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. Investors 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 2.00%. The ex-dividend date is Wednesday, August 27th.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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