Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) saw a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 11,520,000 shares, a decline of 7.2% from the March 15th total of 12,410,000 shares. Approximately 1.5% of the shares of the stock are short sold. Based on an average trading volume of 4,780,000 shares, the short-interest ratio is presently 2.4 days.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corning

Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. lifted its stake in shares of Corning by 5.7% in the third quarter. Federated Hermes Inc. now owns 6,079 shares of the electronics maker’s stock worth $176,000 after buying an additional 328 shares in the last quarter. Alaska Permanent Fund Corp lifted its stake in shares of Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock worth $2,754,000 after buying an additional 329 shares in the last quarter. Level Four Advisory Services LLC lifted its stake in shares of Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock worth $287,000 after buying an additional 343 shares in the last quarter. Madison Asset Management LLC lifted its stake in shares of Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock worth $1,617,000 after buying an additional 349 shares in the last quarter. Finally, Smith Moore & CO. lifted its stake in shares of Corning by 2.5% in the first quarter. Smith Moore & CO. now owns 14,583 shares of the electronics maker’s stock worth $514,000 after buying an additional 350 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Barclays boosted their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Susquehanna reissued a “positive” rating and issued a $40.00 price target on shares of Corning in a research note on Monday, April 1st. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.56.

Corning Price Performance

Shares of NYSE GLW opened at $30.92 on Wednesday. Corning has a 1 year low of $25.26 and a 1 year high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The company’s 50-day moving average is $32.36 and its 200 day moving average is $30.38. The stock has a market capitalization of $26.44 billion, a P/E ratio of 46.14, a P/E/G ratio of 1.79 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.47 earnings per share. On average, sell-side analysts expect that Corning will post 1.86 earnings per share for the current year.

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is presently 167.16%.

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.