Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 19,290,000 shares, a growth of 49.2% from the May 31st total of 12,930,000 shares. Based on an average daily trading volume, of 5,770,000 shares, the short-interest ratio is presently 3.3 days. Currently, 2.5% of the company’s shares are sold short.

Analyst Ratings Changes

Several equities research analysts have commented on GLW shares. Bank of America boosted their price target on shares of Corning from $38.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Morgan Stanley cut Corning from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $35.00 to $38.00 in a research note on Thursday, June 13th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Mizuho increased their price target on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Finally, Susquehanna restated a “positive” rating and set a $40.00 price objective on shares of Corning in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning presently has a consensus rating of “Hold” and a consensus price target of $38.67.

Corning Stock Performance

Shares of Corning stock traded up $0.04 during trading on Monday, reaching $38.89. The company’s stock had a trading volume of 344,178 shares, compared to its average volume of 5,398,143. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $35.97 and its 200-day moving average price is $33.16. Corning has a 52 week low of $25.26 and a 52 week high of $40.46. The firm has a market cap of $33.31 billion, a PE ratio of 54.72, a P/E/G ratio of 1.77 and a beta of 1.05.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The business’s revenue was down 11.5% compared to the same quarter last year. Equities analysts forecast that Corning will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.88%. Corning’s payout ratio is 157.75%.

Insider Buying and Selling at Corning

In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,207 shares of company stock worth $5,876,067. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Natixis Advisors L.P. boosted its holdings in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock worth $3,087,000 after buying an additional 5,616 shares in the last quarter. Bridgefront Capital LLC acquired a new position in Corning during the 4th quarter worth approximately $813,000. Wahed Invest LLC grew its stake in Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after acquiring an additional 1,028 shares during the period. KMG Fiduciary Partners LLC bought a new stake in shares of Corning during the fourth quarter valued at approximately $1,199,000. Finally, Belpointe Asset Management LLC lifted its holdings in shares of Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after purchasing an additional 1,740 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

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.