Short Interest in Corning Incorporated (NYSE:GLW) Increases By 6.6%

Corning Incorporated (NYSE:GLW) saw 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 trading volume, of 4,450,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.4% of the company’s stock are sold short.

Corning Stock Performance

Shares of NYSE GLW traded up $0.18 during trading on Wednesday, hitting $47.52. The company had a trading volume of 2,299,487 shares, compared to its average volume of 5,478,839. The stock has a 50 day simple moving average of $47.92 and a 200 day simple moving average of $44.36. The firm has a market capitalization 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. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning has a 12 month low of $29.71 and a 12 month high of $51.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The business 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 revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, analysts anticipate that Corning will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently bought and sold shares of the business. City Holding Co. lifted its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after buying an additional 600 shares in the last quarter. Cassady Schiller Wealth Management LLC purchased a new stake in Corning in the 3rd quarter worth $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning during the 3rd quarter valued at about $40,000. Global Trust Asset Management LLC grew its position in shares of Corning by 2,250.0% during the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in shares of Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock worth $45,000 after purchasing an additional 473 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent analyst reports. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Morgan Stanley upped their target price on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

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.