Corning Incorporated (GLW) Short Interest Update

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Corning Incorporated (NYSE:GLW) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 18,678,733 shares, a drop of 16.4% from the August 15th total of 22,331,573 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily volume of 3,575,411 shares, the short-interest ratio is currently 5.2 days.

A number of brokerages have recently issued reports on GLW. Goldman Sachs Group upgraded Corning from a “sell” rating to a “neutral” rating and set a $29.00 price target on the stock in a report on Wednesday, June 20th. Guggenheim reiterated a “buy” rating on shares of Corning in a report on Wednesday, July 25th. Zacks Investment Research upgraded Corning from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a report on Wednesday, August 8th. Morgan Stanley raised their price objective on Corning from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, July 26th. Finally, Citigroup raised Corning from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $32.50 to $40.00 in a research report on Friday, September 14th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $36.10.

Shares of GLW stock traded up $0.79 on Friday, hitting $32.13. The company had a trading volume of 7,891,119 shares, compared to its average volume of 6,153,780. The stock has a market cap of $28.59 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.49 and a beta of 1.35. The company has a quick ratio of 1.58, a current ratio of 2.23 and a debt-to-equity ratio of 0.44. Corning has a twelve month low of $26.11 and a twelve month high of $36.56.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Sell-side analysts anticipate that Corning will post 1.73 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.24%. Corning’s dividend payout ratio (DPR) is presently 41.86%.

In other Corning news, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total transaction of $7,805,638.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $33.66, for a total value of $33,660.00. Following the transaction, the vice president now owns 60,403 shares in the company, valued at $2,033,164.98. The disclosure for this sale can be found here. Insiders sold a total of 414,272 shares of company stock valued at $13,759,300 over the last ninety days. Corporate insiders own 0.46% of the company’s stock.

Several hedge funds have recently modified their holdings of GLW. King Luther Capital Management Corp increased its stake in shares of Corning by 64.4% in the 1st quarter. King Luther Capital Management Corp now owns 16,766 shares of the electronics maker’s stock valued at $467,000 after purchasing an additional 6,570 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new position in shares of Corning in the 1st quarter valued at about $654,000. Cetera Advisor Networks LLC increased its stake in shares of Corning by 58.7% in the 1st quarter. Cetera Advisor Networks LLC now owns 24,402 shares of the electronics maker’s stock valued at $679,000 after purchasing an additional 9,027 shares in the last quarter. BlackRock Inc. increased its stake in shares of Corning by 1.5% in the 1st quarter. BlackRock Inc. now owns 54,625,668 shares of the electronics maker’s stock valued at $1,522,963,000 after purchasing an additional 803,539 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. increased its stake in Corning by 22.4% during the 1st quarter. Canandaigua National Bank & Trust Co. now owns 56,218 shares of the electronics maker’s stock worth $1,567,000 after buying an additional 10,277 shares in the last quarter. 70.38% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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