Short Interest in Corning Declines By 30.9% (GLW)
Shares of Corning (NYSE:GLW) saw a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 39,978,650 shares, a decline of 30.9% from the March 31st total of 57,818,514 shares, Stock Ratings Network.com reports. Based on an average daily volume of 12,515,564 shares, the short-interest ratio is currently 3.2 days. Currently, 2.9% of the shares of the stock are short sold.
In other Corning news, VP Kirk Gregg sold 93,000 shares of Corning stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $21.03, for a total value of $1,955,790.00. Following the completion of the transaction, the vice president now directly owns 181,429 shares of the company’s stock, valued at approximately $3,815,452. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
GLW has been the subject of a number of recent research reports. Analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 30th. Separately, analysts at UBS AG reiterated a “neutral” rating on shares of Corning in a research note on Tuesday, April 29th. They now have a $22.00 price target on the stock, down previously from $22.50. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Tuesday, April 29th. They now have a $22.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $20.16.
Corning (NYSE:GLW) opened at 20.82 on Friday. Corning has a 52 week low of $13.82 and a 52 week high of $21.77. The stock has a 50-day moving average of $20.76 and a 200-day moving average of $18.58. The company has a market cap of $27.242 billion and a price-to-earnings ratio of 17.17.
Corning (NYSE:GLW) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.01. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. Analysts expect that Corning will post $1.50 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Stockholders of record on Friday, May 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, May 28th.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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