Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 10,680,000 shares, a decline of 10.0% from the August 31st total of 11,870,000 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average daily volume of 7,120,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Ratings Changes

A number of brokerages have recently commented on GLW. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Corning Trading Down 0.9 %

NYSE GLW traded down $0.41 on Friday, hitting $44.87. The company’s stock had a trading volume of 3,940,370 shares, compared to its average volume of 5,876,941. The company’s 50-day moving average is $41.69 and its 200 day moving average is $37.97. The firm has a market cap of $38.44 billion, a PE ratio of 63.20, a PEG ratio of 1.74 and a beta of 1.04. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. 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 (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, analysts predict that Corning will post 1.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Access Investment Management LLC bought a new position in shares of Corning in the first quarter valued at $28,000. Future Financial Wealth Managment LLC bought a new position in Corning in the 1st quarter valued at about $33,000. Register Financial Advisors LLC acquired a new position in Corning during the 1st quarter valued at about $33,000. ESL Trust Services LLC bought a new stake in Corning during the 1st quarter worth approximately $33,000. Finally, Accordant Advisory Group Inc purchased a new stake in shares of Corning in the second quarter worth approximately $39,000. 69.80% of the stock is owned by institutional investors.

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.