Corning Inc. (GLW) Short Interest Down 19.0% in March

Corning Inc. (NYSE:GLW) was the recipient of a large drop in short interest in March. As of March 29th, there was short interest totalling 16,015,817 shares, a drop of 19.0% from the March 15th total of 19,778,386 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average trading volume of 6,904,877 shares, the short-interest ratio is currently 2.3 days.

A number of analysts recently commented on GLW shares. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Zacks Investment Research lowered Corning from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Barclays set a $38.00 target price on Corning and gave the company a “buy” rating in a research report on Wednesday, January 10th. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Tuesday, January 30th. Finally, Citigroup decreased their target price on Corning from $35.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, March 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $31.22.

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In related news, VP Christine M. Pambianchi sold 1,000 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $29.90, for a total value of $29,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Canning, Jr. bought 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was purchased at an average cost of $29.60 per share, with a total value of $888,000.00. The disclosure for this purchase can be found here. Company insiders own 0.46% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BKD Wealth Advisors LLC boosted its stake in shares of Corning by 9.2% in the 4th quarter. BKD Wealth Advisors LLC now owns 17,415 shares of the electronics maker’s stock worth $557,000 after buying an additional 1,464 shares during the last quarter. Advisor Partners LLC boosted its stake in shares of Corning by 7.8% in the 4th quarter. Advisor Partners LLC now owns 21,626 shares of the electronics maker’s stock worth $750,000 after buying an additional 1,564 shares during the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Corning by 19.5% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 10,331 shares of the electronics maker’s stock worth $330,000 after buying an additional 1,684 shares during the last quarter. Lido Advisors LLC boosted its stake in shares of Corning by 11.2% in the 4th quarter. Lido Advisors LLC now owns 17,081 shares of the electronics maker’s stock worth $546,000 after buying an additional 1,714 shares during the last quarter. Finally, LVM Capital Management Ltd. MI boosted its stake in shares of Corning by 2.9% in the 4th quarter. LVM Capital Management Ltd. MI now owns 63,529 shares of the electronics maker’s stock worth $2,032,000 after buying an additional 1,798 shares during the last quarter. Hedge funds and other institutional investors own 72.87% of the company’s stock.

GLW stock opened at $27.87 on Thursday. The stock has a market cap of $23,571.39, a price-to-earnings ratio of 16.20, a P/E/G ratio of 4.08 and a beta of 1.36. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22. Corning has a 52-week low of $26.31 and a 52-week high of $35.10.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.65 billion. Corning had a positive return on equity of 11.63% and a negative net margin of 4.91%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 EPS. analysts forecast that Corning will post 1.68 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Wednesday, February 28th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Tuesday, February 27th. This is an increase from Corning’s previous quarterly dividend of $0.16. Corning’s payout ratio is presently 41.86%.

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Corning Company Profile

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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