Corning Inc. (GLW) Short Interest Update
Corning Inc. (NYSE:GLW) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 54,506,120 shares, a decline of 27.0% from the September 15th total of 74,693,077 shares. Approximately 5.3% of the shares of the company are short sold. Based on an average daily volume of 9,537,575 shares, the days-to-cover ratio is presently 5.7 days.
A number of analysts recently issued reports on GLW shares. Bank of America Corp. reiterated a “sell” rating and set a $17.50 price objective on shares of Corning in a research note on Wednesday, September 21st. Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Susquehanna restated a “positive” rating and issued a $27.00 target price (up from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Citigroup Inc. upped their target price on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Monday, October 3rd. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of C$21.98.
Shares of Corning (NYSE:GLW) opened at 23.39 on Monday. The firm has a 50-day moving average price of $23.06 and a 200 day moving average price of $21.33. Corning has a 12-month low of $16.13 and a 12-month high of $23.96. The stock has a market cap of $24.25 billion, a PE ratio of 12.89 and a beta of 1.34.
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Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. Equities research analysts expect that Corning will post $1.42 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, November 17th will be issued a $0.135 dividend. The ex-dividend date is Tuesday, November 15th. This represents a $0.54 annualized dividend and a dividend yield of 2.31%. Corning’s dividend payout ratio (DPR) is 29.51%.
In related news, CEO Wendell P. Weeks sold 68,250 shares of the business’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following the sale, the chief executive officer now directly owns 68,250 shares in the company, valued at approximately C$1,515,832.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R Tony Tripeny sold 7,500 shares of the business’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of C$22.27, for a total value of C$167,025.00. Following the sale, the insider now owns 48,221 shares in the company, valued at C$1,073,881.67. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock valued at $393,767,000 after buying an additional 4,712,631 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock valued at $213,281,000 after buying an additional 3,863,933 shares during the period. Kiltearn Partners LLP boosted its stake in shares of Corning by 10.1% in the first quarter. Kiltearn Partners LLP now owns 8,401,700 shares of the company’s stock valued at $175,512,000 after buying an additional 768,500 shares during the period. Emerald Acquisition Ltd. purchased a new stake in shares of Corning during the second quarter valued at about $133,993,000. Finally, TCW Group Inc. boosted its stake in shares of Corning by 1.6% in the second quarter. TCW Group Inc. now owns 5,653,655 shares of the company’s stock valued at $115,786,000 after buying an additional 90,031 shares during the period. 73.63% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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