Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 11,520,000 shares, a decline of 7.2% from the March 15th total of 12,410,000 shares. Based on an average daily volume of 4,780,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 1.5% of the shares of the company are sold short.

Insiders Place Their Bets

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Peoples Bank KS bought a new position in Corning in the 3rd quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in Corning during the 3rd quarter worth $25,000. Janiczek Wealth Management LLC increased its holdings in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares in the last quarter. Cape Investment Advisory Inc. raised its position in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 800 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its stake in shares of Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 652 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

GLW stock opened at $30.98 on Thursday. The company’s 50-day moving average price is $32.35 and its two-hundred day moving average price is $30.38. Corning has a 12 month low of $25.26 and a 12 month high of $36.01. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The firm has a market cap of $26.50 billion, a P/E ratio of 46.24, a P/E/G ratio of 1.78 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm posted $0.47 earnings per share. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts anticipate that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio is presently 167.16%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Susquehanna reissued a “positive” rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. upped their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a research note on Thursday, April 11th. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. Finally, UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $34.56.

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.