Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) saw a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 28,270,000 shares, an increase of 6.6% from the January 15th total of 26,510,000 shares. Approximately 3.7% of the shares of the company are sold short. Based on an average daily trading volume, of 5,000,000 shares, the days-to-cover ratio is presently 5.7 days.

A number of institutional investors have recently modified their holdings of the business. Voya Financial Advisors Inc. raised its position in shares of Corning by 10.1% in the 3rd quarter. Voya Financial Advisors Inc. now owns 37,601 shares of the electronics maker’s stock valued at $1,067,000 after buying an additional 3,454 shares in the last quarter. Pinnacle Financial Partners Inc. raised its position in shares of Corning by 12.1% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 8,880 shares of the electronics maker’s stock valued at $254,000 after buying an additional 960 shares in the last quarter. TIAA FSB raised its position in shares of Corning by 22.6% in the 4th quarter. TIAA FSB now owns 48,384 shares of the electronics maker’s stock valued at $1,408,000 after buying an additional 8,930 shares in the last quarter. Penserra Capital Management LLC raised its position in shares of Corning by 25.0% in the 3rd quarter. Penserra Capital Management LLC now owns 19,686 shares of the electronics maker’s stock valued at $561,000 after buying an additional 3,937 shares in the last quarter. Finally, Citizens Financial Group Inc RI raised its position in shares of Corning by 640.9% in the 3rd quarter. Citizens Financial Group Inc RI now owns 1,719 shares of the electronics maker’s stock valued at $49,000 after buying an additional 1,487 shares in the last quarter. Institutional investors and hedge funds own 73.43% of the company’s stock.

Shares of Corning stock opened at $28.59 on Friday. Corning has a twelve month low of $26.55 and a twelve month high of $35.34. The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.72. The company has a 50-day simple moving average of $28.97 and a two-hundred day simple moving average of $28.86. The stock has a market capitalization of $21.20 billion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 2.07 and a beta of 1.20.

Corning (NYSE:GLW) last issued its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. Corning had a net margin of 8.35% and a return on equity of 14.29%. The business had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.72 billion. During the same quarter in the previous year, the company earned $0.59 EPS. The business’s revenue was down 7.2% on a year-over-year basis. On average, sell-side analysts anticipate that Corning will post 1.61 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 28th will be paid a $0.22 dividend. This is a boost from Corning’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, February 27th. This represents a $0.88 annualized dividend and a yield of 3.08%. Corning’s payout ratio is 45.45%.

A number of analysts have recently issued reports on GLW shares. ValuEngine upgraded shares of Corning from a “hold” rating to a “buy” rating in a research note on Saturday, February 1st. Susquehanna Bancshares restated a “hold” rating and set a $25.00 target price on shares of Corning in a research note on Wednesday, January 29th. TheStreet cut shares of Corning from a “b-” rating to a “c+” rating in a research note on Monday, February 10th. Deutsche Bank cut shares of Corning from a “buy” rating to a “hold” rating and cut their target price for the stock from $33.00 to $30.00 in a research note on Wednesday, October 30th. Finally, Morgan Stanley cut shares of Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $34.00 to $33.00 in a research note on Wednesday, January 8th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $32.09.

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.

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