Corning Incorporated (GLW) Sees Significant Drop in Short Interest
Corning Incorporated (NYSE:GLW) saw a large decrease in short interest in the month of May. As of May 31st, there was short interest totalling 19,969,352 shares, a decrease of 16.6% from the May 15th total of 23,933,277 shares. Based on an average daily volume of 5,834,237 shares, the days-to-cover ratio is presently 3.4 days. Currently, 2.2% of the company’s shares are sold short.
Shares of Corning (GLW) opened at 29.25 on Thursday. The firm has a market capitalization of $26.92 billion, a P/E ratio of 7.75 and a beta of 1.37. The company has a 50-day moving average price of $29.15 and a 200 day moving average price of $26.90. Corning has a one year low of $18.88 and a one year high of $29.90.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Corning had a net margin of 42.69% and a return on equity of 11.25%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the previous year, the business earned $0.28 EPS. Corning’s quarterly revenue was up 16.0% compared to the same quarter last year. Analysts expect that Corning will post $1.73 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.12%. The ex-dividend date is Friday, May 26th. Corning’s payout ratio is presently 16.89%.
A number of brokerages have weighed in on GLW. Susquehanna Bancshares Inc reissued a “positive” rating and set a $33.00 price target (up previously from $32.00) on shares of Corning in a research note on Wednesday, April 26th. Jefferies Group LLC increased their price target on Corning from $24.50 to $27.50 and gave the stock a “hold” rating in a research note on Friday, April 28th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “hold” rating and set a $26.00 price target on shares of Corning in a research note on Wednesday, April 12th. Finally, Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and an average price target of $27.13.
In other Corning news, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the transaction, the chief executive officer now owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 41,075 shares of the stock in a transaction on Wednesday, April 26th. The stock was sold at an average price of $28.46, for a total value of $1,168,994.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 350,450 shares of company stock worth $10,263,831. Corporate insiders own 0.59% of the company’s stock.
Several large investors have recently added to or reduced their stakes in GLW. BlackRock Inc. raised its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock valued at $1,534,712,000 after buying an additional 54,041,176 shares during the last quarter. Dodge & Cox acquired a new stake in Corning during the fourth quarter valued at about $759,279,000. Norges Bank acquired a new stake in Corning during the fourth quarter valued at about $265,739,000. Wedge Capital Management L L P NC acquired a new stake in Corning during the first quarter valued at about $58,813,000. Finally, Janus Capital Management LLC raised its stake in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock valued at $152,763,000 after buying an additional 2,127,260 shares during the last quarter. 73.62% of the stock is owned by institutional investors and hedge funds.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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