Corning Incorporated (NYSE:GLW) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 20,307,862 shares, a growth of 42.7% from the June 15th total of 14,229,918 shares. Based on an average trading volume of 6,311,371 shares, the days-to-cover ratio is currently 3.2 days. Approximately 2.2% of the company’s shares are short sold.
A number of analysts recently issued reports on the company. Vetr raised Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price objective for the company in a research report on Monday, July 10th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $27.50 target price on shares of Corning in a research report on Friday. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $29.00 target price (up from $26.00) on shares of Corning in a research report on Monday, June 19th. Finally, Drexel Hamilton reaffirmed a “sell” rating on shares of Corning in a research report on Monday, June 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $27.68.
Corning (NYSE GLW) opened at 31.32 on Tuesday. Corning has a 52-week low of $20.76 and a 52-week high of $31.42. The firm has a market cap of $28.82 billion, a price-to-earnings ratio of 8.30 and a beta of 1.41. The firm’s 50-day moving average price is $29.46 and its 200 day moving average price is $27.34.
Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.37 billion. Corning had a return on equity of 11.25% and a net margin of 42.69%. The business’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. On average, equities research analysts forecast that Corning will post $1.73 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Wednesday, May 31st were issued a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend was Friday, May 26th. Corning’s dividend payout ratio (DPR) is 16.89%.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 76,750 shares of the company’s stock, valued at approximately $2,270,265. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 41,075 shares of the firm’s stock in a transaction dated 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. Insiders sold a total of 457,433 shares of company stock valued at $13,393,083 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Denali Advisors LLC increased its stake in shares of Corning by 19.7% in the first quarter. Denali Advisors LLC now owns 263,100 shares of the electronics maker’s stock valued at $7,104,000 after buying an additional 43,300 shares during the period. West Oak Capital LLC boosted its stake in Corning by 33.6% in the first quarter. West Oak Capital LLC now owns 46,860 shares of the electronics maker’s stock valued at $1,265,000 after buying an additional 11,780 shares in the last quarter. Macquarie Group Ltd. boosted its stake in Corning by 14.0% in the fourth quarter. Macquarie Group Ltd. now owns 35,100 shares of the electronics maker’s stock valued at $852,000 after buying an additional 4,300 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in Corning during the fourth quarter valued at approximately $226,000. Finally, Searle & CO. boosted its stake in Corning by 3.0% in the fourth quarter. Searle & CO. now owns 23,700 shares of the electronics maker’s stock valued at $575,000 after buying an additional 700 shares in the last quarter. 72.68% of the stock is currently owned by institutional investors and hedge funds.
Corning Company Profile
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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