Short Interest in Corning Incorporated (NYSE:GLW) Increases By 28.9%

Corning Incorporated (NYSE:GLW) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 20,879,200 shares, an increase of 28.9% from the June 30th total of 16,193,700 shares. Based on an average daily volume of 5,260,000 shares, the days-to-cover ratio is currently 4.0 days. Currently, 2.7% of the shares of the stock are sold short.

In other news, VP Christine M. Pambianchi sold 194,960 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total transaction of $6,207,526.40. Following the transaction, the vice president now owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Nelson Roberts Investment Advisors LLC boosted its stake in Corning by 31.7% in the 2nd quarter. Nelson Roberts Investment Advisors LLC now owns 1,303 shares of the electronics maker’s stock worth $43,000 after buying an additional 314 shares during the last quarter. We Are One Seven LLC lifted its stake in shares of Corning by 1.0% in the 2nd quarter. We Are One Seven LLC now owns 32,123 shares of the electronics maker’s stock valued at $1,067,000 after purchasing an additional 322 shares in the last quarter. Flagship Harbor Advisors LLC lifted its stake in shares of Corning by 3.9% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 8,582 shares of the electronics maker’s stock valued at $285,000 after purchasing an additional 322 shares in the last quarter. Trust Co. of Vermont lifted its stake in shares of Corning by 2.6% in the 2nd quarter. Trust Co. of Vermont now owns 12,867 shares of the electronics maker’s stock valued at $428,000 after purchasing an additional 324 shares in the last quarter. Finally, Greenleaf Trust lifted its stake in shares of Corning by 2.9% in the 2nd quarter. Greenleaf Trust now owns 12,307 shares of the electronics maker’s stock valued at $409,000 after purchasing an additional 345 shares in the last quarter. Institutional investors own 71.56% of the company’s stock.

Several brokerages have recently weighed in on GLW. Deutsche Bank set a $36.00 price target on shares of Corning and gave the company a “buy” rating in a research report on Wednesday, July 31st. Bank of America raised shares of Corning from a “neutral” rating to a “buy” rating and set a $32.31 price target on the stock in a research report on Wednesday, May 1st. ValuEngine cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Zacks Investment Research raised shares of Corning from a “sell” rating to a “hold” rating and set a $30.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Susquehanna Bancshares reissued a “neutral” rating and set a $30.00 price target (down previously from $40.00) on shares of Corning in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Corning presently has an average rating of “Buy” and an average target price of $34.73.

NYSE GLW traded up $0.50 during trading hours on Tuesday, reaching $28.25. The company had a trading volume of 55,565 shares, compared to its average volume of 6,565,817. The firm has a 50-day moving average price of $32.12. Corning has a 1-year low of $27.60 and a 1-year high of $36.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. The company has a market capitalization of $22.08 billion, a PE ratio of 15.99, a P/E/G ratio of 1.42 and a beta of 1.16.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The company had revenue of $2.94 billion for the quarter, compared to analyst estimates of $2.97 billion. Corning had a net margin of 12.78% and a return on equity of 15.60%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. As a group, research analysts forecast that Corning will post 1.89 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be paid a dividend of $0.20 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.83%. Corning’s payout ratio is 44.94%.

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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