Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 10,680,000 shares, a decline of 10.0% from the August 31st total of 11,870,000 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 7,120,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Ratings Changes

GLW has been the subject of a number of research reports. Bank of America lifted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. boosted their price target on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Barclays upped their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Citigroup increased their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Institutional Investors Weigh In On Corning

Several large investors have recently made changes to their positions in GLW. Grove Bank & Trust increased its stake in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the period. Burns J W & Co. Inc. NY raised its holdings in Corning by 1.9% during the second quarter. Burns J W & Co. Inc. NY now owns 13,500 shares of the electronics maker’s stock worth $524,000 after purchasing an additional 251 shares in the last quarter. Long Run Wealth Advisors LLC raised its holdings in Corning by 0.8% during the second quarter. Long Run Wealth Advisors LLC now owns 33,624 shares of the electronics maker’s stock worth $1,306,000 after purchasing an additional 274 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in Corning by 21.2% during the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 1,575 shares of the electronics maker’s stock valued at $61,000 after purchasing an additional 275 shares in the last quarter. Finally, Legacy Capital Group California Inc. boosted its stake in Corning by 1.0% during the 2nd quarter. Legacy Capital Group California Inc. now owns 28,863 shares of the electronics maker’s stock valued at $1,121,000 after purchasing an additional 278 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 0.9 %

Shares of GLW stock traded down $0.41 on Friday, hitting $44.87. The stock had a trading volume of 3,940,370 shares, compared to its average volume of 5,876,941. The stock’s 50 day moving average is $41.69 and its 200-day moving average is $37.97. The firm has a market capitalization of $38.44 billion, a price-to-earnings ratio of 63.20, a P/E/G ratio of 1.74 and a beta of 1.04. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts expect that Corning will post 1.91 earnings per share for the current year.

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.