Corning Incorporated (NYSE:GLW – Get Free Report) was the recipient of a large decline in short interest in the month of 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. Based on an average daily trading volume, of 7,120,000 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.4% of the company’s shares are short sold.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on GLW shares. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Finally, Argus increased their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.
View Our Latest Research Report on GLW
Institutional Trading of Corning
Corning Stock Down 1.4 %
Shares of NYSE GLW traded down $0.61 during midday trading on Tuesday, hitting $44.54. 3,699,221 shares of the stock traded hands, compared to its average volume of 5,854,521. Corning has a one year low of $25.26 and a one year high of $46.39. The business has a 50 day moving average price of $41.70 and a two-hundred day moving average price of $38.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market cap of $38.15 billion, a PE ratio of 62.73, a P/E/G ratio of 1.73 and a beta of 1.04.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.45 earnings per share. On average, equities analysts predict that Corning will post 1.91 EPS 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.
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