Corning Incorporated (NYSE:GLW) Short Interest Down 6.9% in October

Corning Incorporated (NYSE:GLW) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 11,160,000 shares, a decrease of 6.9% from the September 30th total of 11,990,000 shares. Based on an average daily volume of 5,100,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.4% of the company’s stock are short sold.

Analysts Set New Price Targets

GLW has been the topic of a number of recent research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Argus upped their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Trading Down 0.9 %

NYSE GLW opened at $47.59 on Friday. The business’s fifty day moving average is $44.40 and its 200-day moving average is $40.22. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market capitalization of $40.77 billion, a price-to-earnings ratio of 67.03, a PEG ratio of 1.73 and a beta of 1.04. Corning has a one year low of $26.41 and a one year high of $51.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts predict that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.35%. Corning’s dividend payout ratio is presently 157.75%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Diversified Trust Co boosted its position in Corning by 10.8% during the first quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock worth $404,000 after purchasing an additional 1,191 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock worth $69,109,000 after buying an additional 42,832 shares during the period. Norden Group LLC grew its stake in Corning by 2,778.7% in the 1st quarter. Norden Group LLC now owns 261,735 shares of the electronics maker’s stock valued at $8,627,000 after buying an additional 252,643 shares in the last quarter. First Trust Direct Indexing L.P. raised its holdings in Corning by 4.1% during the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after acquiring an additional 361 shares during the period. Finally, HB Wealth Management LLC lifted its position in shares of Corning by 7.1% during the first quarter. HB Wealth Management LLC now owns 10,570 shares of the electronics maker’s stock worth $348,000 after acquiring an additional 699 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

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.