Corning Incorporated (NYSE:GLW) Short Interest Update

Corning Incorporated (NYSE:GLW - Get Free Report) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 10,680,000 shares, a growth of 6.6% from the November 30th total of 10,020,000 shares. Based on an average daily volume of 4,450,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.4% of the shares of the company are short sold.

Corning Stock Up 0.4 %

GLW traded up $0.18 during trading hours on Wednesday, hitting $47.52. 2,299,487 shares of the company's stock were exchanged, compared to its average volume of 5,478,839. Corning has a 12-month low of $29.71 and a 12-month high of $51.03. The firm has a 50 day moving average of $47.92 and a 200 day moving average of $44.36. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.69 billion, a P/E ratio of 279.53, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. Analysts predict that Corning will post 1.95 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on GLW. Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. 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. Oppenheimer reiterated an "outperform" rating and set a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Corning has an average rating of "Moderate Buy" and an average price target of $50.77.

Insider Activity at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in the business. West Oak Capital LLC raised its holdings in Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker's stock worth $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its stake in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker's stock worth $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC lifted its position in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker's stock valued at $338,000 after acquiring an additional 239 shares during the last quarter. Brown Lisle Cummings Inc. boosted its stake in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker's stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Corning by 1.3% during the third quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker's stock worth $874,000 after purchasing an additional 251 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

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.