Corning Inc. (NYSE:GLW) was the recipient of a significant decline in short interest in March. As of March 29th, there was short interest totalling 16,015,817 shares, a decline of 19.0% from the March 15th total of 19,778,386 shares. Based on an average daily trading volume, of 6,904,877 shares, the short-interest ratio is presently 2.3 days. Approximately 1.9% of the company’s shares are sold short.

Shares of NYSE:GLW opened at $27.49 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. The firm has a market capitalization of $23,511.37, a P/E ratio of 15.98, a P/E/G ratio of 4.07 and a beta of 1.36. Corning has a 12-month low of $26.31 and a 12-month high of $35.10.

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Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.65 billion. Corning had a negative net margin of 4.91% and a positive return on equity of 11.63%. The business’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. equities research analysts predict that Corning will post 1.68 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Wednesday, February 28th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Tuesday, February 27th. This is a positive change from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is 41.86%.

A number of analysts have recently issued reports on GLW shares. Zacks Investment Research upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $36.00 price objective on the stock in a research note on Tuesday, December 19th. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Barclays set a $38.00 price objective on shares of Corning and gave the company a “buy” rating in a research note on Wednesday, January 10th. Citigroup lifted their price objective on shares of Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, January 25th. Finally, Guggenheim reiterated a “buy” rating on shares of Corning in a research note on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $31.22.

In other news, Director John A. Canning, Jr. acquired 30,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were bought at an average price of $29.60 per share, for a total transaction of $888,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $29.90, for a total transaction of $29,900.00. The disclosure for this sale can be found here. Insiders own 0.46% of the company’s stock.

Large investors have recently modified their holdings of the stock. BKD Wealth Advisors LLC increased its stake in Corning by 9.2% during the fourth quarter. BKD Wealth Advisors LLC now owns 17,415 shares of the electronics maker’s stock valued at $557,000 after purchasing an additional 1,464 shares during the last quarter. Advisor Partners LLC increased its stake in Corning by 7.8% during the fourth quarter. Advisor Partners LLC now owns 21,626 shares of the electronics maker’s stock valued at $750,000 after purchasing an additional 1,564 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its stake in Corning by 19.5% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 10,331 shares of the electronics maker’s stock valued at $330,000 after purchasing an additional 1,684 shares during the last quarter. Lido Advisors LLC increased its stake in Corning by 11.2% during the fourth quarter. Lido Advisors LLC now owns 17,081 shares of the electronics maker’s stock valued at $546,000 after purchasing an additional 1,714 shares during the last quarter. Finally, LVM Capital Management Ltd. MI increased its stake in Corning by 2.9% during the fourth quarter. LVM Capital Management Ltd. MI now owns 63,529 shares of the electronics maker’s stock valued at $2,032,000 after purchasing an additional 1,798 shares during the last quarter. Institutional investors and hedge funds own 72.87% of the company’s stock.

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Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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