Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) saw a large decrease in short interest in March. As of March 31st, there was short interest totalling 11,520,000 shares, a decrease of 7.2% from the March 15th total of 12,410,000 shares. Based on an average daily volume of 4,780,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.5% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. UBS Group increased their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Susquehanna reiterated a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. increased their price objective on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Corning has a consensus rating of “Hold” and an average price target of $34.56.

Insider Transactions at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the sale, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

A number of hedge funds have recently added to or reduced their stakes in the business. Peoples Bank KS bought a new stake in shares of Corning during the third quarter valued at approximately $25,000. OFI Invest Asset Management bought a new stake in Corning during the third quarter worth $25,000. Janiczek Wealth Management LLC grew its holdings in Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares in the last quarter. Cape Investment Advisory Inc. grew its holdings in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares in the last quarter. Finally, SRS Capital Advisors Inc. grew its holdings in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Corning stock opened at $31.29 on Tuesday. The stock’s 50 day moving average is $32.38 and its 200 day moving average is $30.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05. The firm has a market cap of $26.76 billion, a P/E ratio of 46.69, a P/E/G ratio of 1.79 and a beta of 1.08. Corning has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. As a group, research analysts expect that Corning will post 1.86 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.58%. Corning’s payout ratio is currently 167.16%.

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.