Corning Inc. (NYSE:GLW) was the target of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 74,693,077 shares, a decline of 11.2% from the August 31st total of 84,150,050 shares. Based on an average daily volume of 9,307,128 shares, the days-to-cover ratio is presently 8.0 days. Approximately 7.2% of the shares of the company are short sold.
Shares of Corning (NYSE:GLW) opened at 23.65 on Friday. The stock’s 50 day moving average price is $22.83 and its 200-day moving average price is $21.09. The firm has a market capitalization of $24.52 billion, a price-to-earnings ratio of 13.03 and a beta of 1.44. Corning has a 12 month low of $16.13 and a 12 month high of $23.81.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 EPS. On average, equities research analysts predict that Corning will post $1.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, August 29th. Corning’s dividend payout ratio (DPR) is currently 29.51%.
In related news, insider David L. Morse sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the completion of the transaction, the insider now owns 61,629 shares in the company, valued at approximately C$1,448,281.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Eric S. Musser sold 56,853 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now owns 25,693 shares of the company’s stock, valued at approximately C$574,752.41. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GLW. Whittier Trust Co. increased its position in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares during the period. First Manhattan Co. increased its position in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the period. Zions Bancorporation increased its position in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares during the period. Invictus RG increased its position in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the period. Finally, Sunbelt Securities Inc. increased its position in Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock worth $195,000 after buying an additional 500 shares during the period. 73.63% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on the company. Argus restated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Vetr upgraded Corning from a “buy” rating to a “strong-buy” rating and set a $21.88 price target for the company in a research report on Monday, June 27th. Drexel Hamilton lowered Corning from a “hold” rating to a “sell” rating and reduced their price target for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Susquehanna reiterated a “positive” rating and set a $27.00 price target (up previously from $25.00) on shares of Corning in a research report on Wednesday. Finally, Goldman Sachs Group Inc. upgraded Corning from a “buy” rating to a “conviction-buy” rating and set a $27.00 price target for the company in a research report on Thursday, July 7th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Corning has an average rating of “Hold” and an average target price of C$21.98.
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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