Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 11,990,000 shares, an increase of 12.3% from the September 15th total of 10,680,000 shares. Based on an average daily volume of 5,920,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.6% of the company’s stock are short sold.

Hedge Funds Weigh In On Corning

Hedge funds have recently bought and sold shares of the company. Virtu Financial LLC purchased a new stake in shares of Corning in the 4th quarter worth about $710,000. Syon Capital LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $339,000. Fisher Asset Management LLC increased its stake in shares of Corning by 60.5% during the 4th quarter. Fisher Asset Management LLC now owns 16,647 shares of the electronics maker’s stock worth $507,000 after purchasing an additional 6,276 shares in the last quarter. SageView Advisory Group LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $348,000. Finally, HighPoint Advisor Group LLC purchased a new stake in Corning in the 4th quarter valued at approximately $614,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE:GLW traded down $0.40 during mid-day trading on Tuesday, reaching $46.43. The stock had a trading volume of 1,659,027 shares, compared to its average volume of 5,765,161. The firm has a market capitalization of $39.77 billion, a price-to-earnings ratio of 65.99, a PEG ratio of 1.72 and a beta of 1.04. The business has a 50 day simple moving average of $42.52 and a 200 day simple moving average of $38.99. Corning has a twelve month low of $25.26 and a twelve month high of $47.45. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the company earned $0.45 earnings per share. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 157.75%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GLW shares. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Monday, June 17th. Barclays lifted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. increased their price objective on Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Company Profile

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.