Short Interest in Corning Decreases By 14.3% (GLW)
Corning (NYSE:GLW) saw a significant drop in short interest in April. As of April 30th, there was short interest totalling 34,242,215 shares, a drop of 14.3% from the April 15th total of 39,978,650 shares, Analyst Ratings Network.com reports. Based on an average trading volume of 10,644,800 shares, the short-interest ratio is currently 3.2 days. Currently, 2.5% of the shares of the stock are short sold.
In other Corning news, EVP Clark Kinlin sold 32,500 shares of Corning stock on the open market in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $21.23, for a total value of $689,975.00. Following the transaction, the executive vice president now directly owns 68,568 shares in the company, valued at approximately $1,455,699. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Bank of America reiterated a “positive” rating on shares of Corning in a research note on Tuesday. Separately, analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday, April 30th. 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 investment analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Corning presently has a consensus rating of “Hold” and an average target price of $20.05.
Corning (NYSE:GLW) opened at 21.22 on Friday. Corning has a one year low of $13.82 and a one year high of $21.77. The stock’s 50-day moving average is $21.00 and its 200-day moving average is $18.88. The company has a market cap of $27.766 billion and a price-to-earnings ratio of 17.39.
Corning (NYSE:GLW) last released its earnings data on Monday, April 28th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue 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. Investors 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 1.89%. 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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