Corning Incorporated (NYSE:GLW) Sees Large Growth in Short Interest

Corning Incorporated (NYSE:GLW) was the recipient of a large increase in short interest in 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. Approximately 1.6% of the shares of the company are sold short. Based on an average trading volume of 5,920,000 shares, the days-to-cover ratio is currently 2.0 days.

Corning Price Performance

Shares of GLW traded up $0.42 during midday trading on Thursday, hitting $46.43. 401,513 shares of the company traded hands, compared to its average volume of 5,735,615. Corning has a one year low of $25.26 and a one year high of $47.45. The firm has a market cap of $39.77 billion, a P/E ratio of 64.80, a PEG ratio of 1.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a 50-day moving average of $42.83 and a 200-day moving average of $39.13.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company earned $0.45 EPS. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, sell-side analysts predict that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.41%. Corning’s payout ratio is 157.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GLW. Deutsche Bank Aktiengesellschaft increased their target price on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Susquehanna increased their price target on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. increased their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Morgan Stanley reaffirmed an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Finally, HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Hedge Funds Weigh In On Corning

Several institutional investors and hedge funds have recently made changes to their positions in the business. MBB Public Markets I LLC boosted its holdings in shares of Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after purchasing an additional 57,800 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Corning by 75.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares in the last quarter. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Corning during the first quarter valued at approximately $1,708,000. Osher Van de Voorde Investment Management purchased a new stake in shares of Corning in the 1st quarter worth approximately $15,323,000. Finally, Central Pacific Bank Trust Division bought a new position in Corning during the 1st quarter valued at approximately $653,000. Institutional investors own 69.80% of the company’s stock.

About Corning

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.