Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 12,100,000 shares, a growth of 5.0% from the March 31st total of 11,520,000 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,710,000 shares, the days-to-cover ratio is currently 2.6 days.

Insider Activity at Corning

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

Institutional Trading of Corning

Institutional investors have recently bought and sold shares of the stock. Natixis Advisors L.P. raised its position in Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the 4th quarter valued at about $1,199,000. Socha Financial Group LLC raised its stake in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after buying an additional 27,772 shares during the last quarter. HB Wealth Management LLC boosted its stake in Corning by 24.2% in the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after acquiring an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on GLW. Morgan Stanley reiterated an “overweight” rating and issued a $35.00 target price on shares of Corning in a report on Monday, April 22nd. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Barclays upped their price objective on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 31st. Finally, Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.78.

Corning Stock Up 5.0 %

GLW stock opened at $33.38 on Wednesday. The business’s 50-day simple moving average is $32.30 and its 200 day simple moving average is $30.53. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a market cap of $28.55 billion, a PE ratio of 49.82, a price-to-earnings-growth ratio of 1.76 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. On average, research analysts anticipate that Corning will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is 167.16%.

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.