Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLWGet Rating) saw a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 15,400,000 shares, an increase of 28.1% from the May 15th total of 12,020,000 shares. Currently, 2.0% of the company’s shares are sold short. Based on an average daily volume of 5,090,000 shares, the days-to-cover ratio is presently 3.0 days.

In other news, VP Robert P. France sold 2,190 shares of the company’s stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $35.03, for a total value of $76,715.70. Following the transaction, the vice president now owns 30,000 shares in the company, valued at $1,050,900. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Alan Bell sold 12,529 shares of the business’s stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $36.24, for a total transaction of $454,050.96. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of GLW. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Corning during the 4th quarter worth approximately $28,000. Islay Capital Management LLC bought a new position in Corning in the 1st quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Corning during the first quarter worth $31,000. Rise Advisors LLC bought a new stake in shares of Corning during the fourth quarter worth $32,000. Finally, Zullo Investment Group Inc. bought a new stake in shares of Corning during the fourth quarter worth $32,000. 68.71% of the stock is currently owned by institutional investors.

GLW has been the topic of a number of research reports. The Goldman Sachs Group reissued a “buy” rating and set a $50.00 target price on shares of Corning in a research report on Friday, March 11th. Morgan Stanley restated a “hold” rating and set a $40.00 price objective on shares of Corning in a research note on Thursday, April 14th. Barclays cut shares of Corning from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $53.00 to $38.00 in a research note on Wednesday, May 11th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Citigroup cut shares of Corning from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $46.00 to $37.00 in a research note on Monday, May 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Corning currently has a consensus rating of “Buy” and a consensus target price of $45.20.

Corning stock traded down $1.47 during midday trading on Thursday, hitting $31.27. 342,919 shares of the company were exchanged, compared to its average volume of 5,152,393. The company’s fifty day moving average price is $34.83 and its 200-day moving average price is $37.16. The company has a market cap of $26.41 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 2.27 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.55 and a quick ratio of 1.04. Corning has a fifty-two week low of $31.58 and a fifty-two week high of $43.47.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings results on Tuesday, April 26th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 21.56% and a net margin of 13.05%. The business’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. On average, analysts expect that Corning will post 2.36 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 29th. Investors of record on Tuesday, May 31st will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, May 27th. Corning’s payout ratio is 86.40%.

Corning Company Profile (Get Rating)

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.

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