Corning Incorporated (NYSE:GLW) Short Interest Up 12.3% in September

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

Institutional Trading of Corning

A number of hedge funds have recently modified their holdings of GLW. Virtu Financial LLC bought a new stake in shares of Corning in the 4th quarter valued at approximately $710,000. Syon Capital LLC acquired a new stake in shares of Corning in the 4th quarter valued at $339,000. Fisher Asset Management LLC grew its holdings in shares of Corning by 60.5% in 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 during the last quarter. SageView Advisory Group LLC acquired a new stake in shares of Corning during the 4th quarter worth about $348,000. Finally, HighPoint Advisor Group LLC bought a new position in Corning during the 4th quarter valued at about $614,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America raised their target price on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Finally, HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Stock Performance

GLW stock traded up $0.43 during midday trading on Thursday, hitting $46.44. 110,159 shares of the company traded hands, compared to its average volume of 5,734,403. The business has a 50 day simple moving average of $42.83 and a 200-day simple moving average of $39.13. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning has a twelve month low of $25.26 and a twelve month high of $47.45. The stock has a market capitalization of $39.78 billion, a price-to-earnings ratio of 64.80, a price-to-earnings-growth ratio of 1.75 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Corning will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is presently 157.75%.

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.