Corning Incorporated (GLW) Short Interest Up 34.8% in August
Corning Incorporated (NYSE:GLW) saw a significant increase in short interest in August. As of August 15th, there was short interest totalling 29,536,304 shares, an increase of 34.8% from the July 31st total of 21,903,596 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average daily volume of 6,850,281 shares, the days-to-cover ratio is currently 4.3 days.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now owns 76,750 shares of the company’s stock, valued at $2,270,265. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the sale, the insider now directly owns 72,039 shares in the company, valued at approximately $2,055,272.67. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 347,963 shares of company stock worth $10,209,969. 0.59% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in GLW. BlackRock Inc. increased its position in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares during the period. Janus Henderson Group PLC increased its position in Corning by 4,900.2% in the second quarter. Janus Henderson Group PLC now owns 5,881,755 shares of the electronics maker’s stock worth $176,747,000 after buying an additional 5,764,125 shares during the period. Wedge Capital Management L L P NC purchased a new position in Corning during the first quarter worth approximately $58,813,000. Janus Capital Management LLC increased its position in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares during the period. Finally, Gotham Asset Management LLC increased its position in Corning by 17,844.0% in the first quarter. Gotham Asset Management LLC now owns 1,717,781 shares of the electronics maker’s stock worth $46,380,000 after buying an additional 1,708,208 shares during the period. Institutional investors own 71.31% of the company’s stock.
Corning (GLW) opened at 28.76 on Tuesday. The company has a market capitalization of $25.98 billion, a PE ratio of 12.85 and a beta of 1.40. Corning has a 12-month low of $22.14 and a 12-month high of $32.17. The stock has a 50 day moving average of $29.78 and a 200-day moving average of $28.67.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $0.37 EPS. Equities analysts expect that Corning will post $1.71 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, August 31st will be issued a $0.155 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.16%. Corning’s dividend payout ratio (DPR) is 27.93%.
Several brokerages have recently weighed in on GLW. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Drexel Hamilton reissued a “sell” rating on shares of Corning in a research note on Monday, June 19th. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 target price (up previously from $26.00) on shares of Corning in a research note on Monday, June 19th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 target price on the stock in a research note on Wednesday, June 28th. Finally, Susquehanna Bancshares Inc reissued a “positive” rating on shares of Corning in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Corning presently has an average rating of “Hold” and an average target price of $28.21.
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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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