Short Interest in Corning Incorporated (NYSE:GLW) Rises By 14.0%

Corning Incorporated (NYSE:GLW) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 7,510,000 shares, a growth of 14.0% from the October 15th total of 6,590,000 shares. Based on an average daily trading volume, of 3,370,000 shares, the days-to-cover ratio is presently 2.2 days. Approximately 1.0% of the shares of the company are short sold.

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. TheStreet lowered Corning from a “b-” rating to a “c+” rating in a research report on Thursday, October 12th. Morgan Stanley lowered their target price on shares of Corning from $38.00 to $33.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 25th. Citigroup reduced their price target on shares of Corning from $39.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, October 25th. StockNews.com started coverage on shares of Corning in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Oppenheimer cut their target price on Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, October 25th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.89.

Corning Stock Down 1.0 %

Shares of Corning stock opened at $28.38 on Friday. Corning has a 12-month low of $25.26 and a 12-month high of $37.10. The firm has a market capitalization of $24.21 billion, a PE ratio of 41.74, a price-to-earnings-growth ratio of 10.78 and a beta of 1.07. The company has a quick ratio of 1.08, a current ratio of 1.70 and a debt-to-equity ratio of 0.61. The stock’s fifty day moving average is $28.99 and its 200-day moving average is $31.52.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Corning had a net margin of 4.50% and a return on equity of 12.73%. Corning’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 earnings per share. Equities analysts anticipate that Corning will post 1.71 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 17th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Thursday, November 16th. Corning’s dividend payout ratio (DPR) is currently 164.71%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GLW. Cibc World Market Inc. lifted its position in shares of Corning by 22.1% in the first quarter. Cibc World Market Inc. now owns 65,555 shares of the electronics maker’s stock worth $2,420,000 after purchasing an additional 11,884 shares in the last quarter. Prudential PLC purchased a new position in shares of Corning during the 1st quarter valued at $588,000. Sequoia Financial Advisors LLC raised its holdings in shares of Corning by 15.5% during the first quarter. Sequoia Financial Advisors LLC now owns 7,922 shares of the electronics maker’s stock worth $293,000 after acquiring an additional 1,062 shares in the last quarter. Vanguard Group Inc. boosted its position in Corning by 0.7% during the first quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after purchasing an additional 671,480 shares during the last quarter. Finally, Baird Financial Group Inc. increased its position in Corning by 24.4% in the 1st quarter. Baird Financial Group Inc. now owns 714,932 shares of the electronics maker’s stock worth $26,388,000 after purchasing an additional 140,098 shares during the last quarter. Hedge funds and other institutional investors own 67.74% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.