Corning Incorporated (NYSE:GLW) Short Interest Update

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Corning Incorporated (NYSE:GLW) saw a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 21,140,000 shares, a drop of 5.1% from the April 30th total of 22,270,000 shares. Based on an average daily trading volume, of 6,730,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.8% of the shares of the company are sold short.

GLW stock opened at $21.38 on Friday. The company has a quick ratio of 1.44, a current ratio of 2.18 and a debt-to-equity ratio of 0.78. Corning has a 12 month low of $17.44 and a 12 month high of $34.26. The firm has a market cap of $16.22 billion, a P/E ratio of 66.81, a P/E/G ratio of 11.13 and a beta of 1.09. The company’s 50-day moving average price is $20.49 and its two-hundred day moving average price is $25.66.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 28th. The electronics maker reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Corning had a net margin of 3.29% and a return on equity of 13.01%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the company posted $0.40 EPS. The firm’s quarterly revenue was down 15.0% compared to the same quarter last year. Equities analysts predict that Corning will post 1.03 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Friday, May 29th will be paid a $0.22 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.12%. Corning’s payout ratio is currently 50.00%.

A number of equities analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Corning from $26.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 7th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Tuesday, April 28th. ValuEngine lowered shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, March 3rd. Susquehanna Bancshares reaffirmed a “hold” rating and set a $22.00 price target on shares of Corning in a research report on Tuesday, April 28th. Finally, TheStreet lowered shares of Corning from a “b-” rating to a “c+” rating in a research report on Monday, February 10th. Eleven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.00.

Several institutional investors and hedge funds have recently bought and sold shares of GLW. Wedbush Securities Inc. acquired a new stake in shares of Corning in the 4th quarter valued at approximately $201,000. Squar Milner Financial Services LLC boosted its stake in shares of Corning by 14.3% in the 4th quarter. Squar Milner Financial Services LLC now owns 2,781 shares of the electronics maker’s stock valued at $80,000 after purchasing an additional 348 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in shares of Corning by 23.8% in the 4th quarter. SeaCrest Wealth Management LLC now owns 15,828 shares of the electronics maker’s stock valued at $461,000 after purchasing an additional 3,042 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Corning during the 4th quarter worth approximately $273,000. Finally, Loveless Wealth Management LLC acquired a new stake in Corning during the 4th quarter worth approximately $836,000. Institutional investors own 72.90% of the company’s stock.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

See Also: Market Timing

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