Corning Inc. (NYSE:GLW) was the recipient of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 84,150,050 shares, a drop of 12.1% from the August 15th total of 95,692,499 shares. Currently, 8.1% of the company’s stock are sold short. Based on an average daily trading volume, of 8,920,419 shares, the short-interest ratio is currently 9.4 days.
GLW has been the subject of several analyst reports. Citigroup Inc. increased their price objective on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Saturday, June 4th. Vetr lowered shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price target for the company. in a research note on Monday, June 6th. Finally, Goldman Sachs Group Inc. restated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of C$22.25.
In other Corning news, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the sale, the chief executive officer now owns 68,250 shares in the company, valued at approximately C$1,515,832.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Martin J. Curran sold 9,000 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the completion of the sale, the vice president now owns 25,052 shares of the company’s stock, valued at approximately C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Norges Bank bought a new position in Corning during the fourth quarter valued at $214,957,000. Emerald Acquisition Ltd. acquired a new stake in shares of Corning during the second quarter worth approximately $133,993,000. Bank of New York Mellon Corp boosted its stake in shares of Corning by 32.5% in the second quarter. Bank of New York Mellon Corp now owns 19,226,863 shares of the company’s stock worth $393,767,000 after buying an additional 4,712,631 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Corning by 25,835.5% in the first quarter. Bessemer Group Inc. now owns 4,713,519 shares of the company’s stock worth $98,466,000 after buying an additional 4,695,345 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Corning by 59.0% in the second quarter. Ameriprise Financial Inc. now owns 10,414,273 shares of the company’s stock worth $213,281,000 after buying an additional 3,863,933 shares in the last quarter. 73.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Corning (NYSE:GLW) opened at 22.62 on Friday. The company has a market capitalization of $23.45 billion, a P/E ratio of 12.46 and a beta of 1.44. Corning has a 12-month low of $16.13 and a 12-month high of $23.13. The stock’s 50 day moving average is $22.58 and its 200-day moving average is $20.74.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The firm earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was up .7% on a year-over-year basis. Analysts anticipate that Corning will post $1.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be issued a dividend of $0.135 per share. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.39%. Corning’s payout ratio is 29.51%.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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