Corning Incorporated (NYSE:GLW) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 20,307,862 shares, an increase of 42.7% from the June 15th total of 14,229,918 shares. Based on an average daily trading volume, of 6,311,371 shares, the short-interest ratio is presently 3.2 days. Currently, 2.2% of the company’s shares are sold short.
In related news, insider Lewis A. Steverson sold 30,000 shares of Corning stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $29.00, for a total transaction of $870,000.00. Following the sale, the insider now directly owns 3,859 shares in the company, valued at approximately $111,911. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James P. Clappin sold 106,983 shares of Corning stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,122 shares of company stock worth $11,547,457. 0.59% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Central Bank & Trust Co. raised its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock worth $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank raised its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock worth $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. acquired a new stake in shares of Corning during the first quarter worth approximately $108,000. Clean Yield Group acquired a new stake in shares of Corning during the first quarter worth approximately $122,000. Finally, Pinnacle Bank acquired a new stake in shares of Corning during the first quarter worth approximately $136,000. Institutional investors own 74.19% of the company’s stock.
Shares of Corning (GLW) traded down 0.03% during mid-day trading on Monday, reaching $29.24. 4,967,568 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $30.34 and a 200 day moving average of $28.34. The firm has a market capitalization of $26.41 billion, a P/E ratio of 13.06 and a beta of 1.40. Corning has a one year low of $22.07 and a one year high of $32.17.
Corning (NYSE:GLW) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $0.37 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that Corning will post $1.71 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $0.62 annualized dividend and a yield of 2.12%. Corning’s payout ratio is 27.93%.
Several research analysts have issued reports on the stock. Stifel Nicolaus restated a “hold” rating and set a $28.00 price target on shares of Corning in a report on Wednesday, April 19th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a report on Thursday, July 13th. Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target for the company in a report on Monday, July 10th. Finally, Deutsche Bank AG restated a “buy” rating and set a $33.00 price target (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Corning has a consensus rating of “Hold” and a consensus target price of $27.81.
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About Corning
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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