Corning Incorporated (NYSE:GLW – Get Free Report) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 10,680,000 shares, a decline of 10.0% from the August 31st total of 11,870,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 7,120,000 shares, the short-interest ratio is presently 1.5 days.
Analyst Ratings Changes
GLW has been the subject of a number of research reports. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Barclays upped their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.
Institutional Investors Weigh In On Corning
Corning Stock Down 0.9 %
Shares of GLW stock traded down $0.41 on Friday, hitting $44.87. The stock had a trading volume of 3,940,370 shares, compared to its average volume of 5,876,941. The stock’s 50 day moving average is $41.69 and its 200-day moving average is $37.97. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of 63.20, a P/E/G ratio of 1.74 and a beta of 1.04. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.
Corning (NYSE:GLW – Get Free Report) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts expect that Corning will post 1.91 earnings per share for the current year.
About Corning
Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
See Also
- Five stocks we like better than Corning
- Buy P&G Now, Before It Sets A New All-Time High
- Simon Property REIT: A Safe Bet for Growth and Steady Dividends
- Stock Trading Terms – Stock Terms Every Investor Needs to Know
- CarMax’s Impressive Rally: What Investors Should Watch Next
- The Most Important Warren Buffett Stock for Investors: His Own
- MarketBeat Week in Review – 9/23 – 9/27
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.