Corning Incorporated (NYSE:GLW) Short Interest Update

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

Hedge Funds Weigh In On Corning

Large investors have recently modified their holdings of the business. Access Investment Management LLC purchased a new position in shares of Corning in the first quarter worth about $28,000. City Holding Co. increased its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. ESL Trust Services LLC purchased a new position in shares of Corning in the first quarter worth about $33,000. Accordant Advisory Group Inc purchased a new position in shares of Corning in the second quarter worth about $39,000. Finally, Global Trust Asset Management LLC increased its stake in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

NYSE GLW opened at $48.04 on Thursday. Corning has a 52-week low of $26.41 and a 52-week high of $51.03. The company has a 50-day simple moving average of $44.27 and a 200 day simple moving average of $40.16. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The company has a market capitalization of $41.15 billion, a PE ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter last year, the company posted $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.33%. Corning’s payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Barclays raised their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.