Corning Incorporated (NYSE:GLW) Short Interest Down 10.0% in September

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GLW. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. Barclays increased 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. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Citigroup raised their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Performance

Shares of NYSE:GLW traded down $0.61 during trading on Tuesday, hitting $44.54. 3,699,221 shares of the company were exchanged, compared to its average volume of 5,854,521. The company has a market cap of $38.15 billion, a PE ratio of 62.73, a P/E/G ratio of 1.73 and a beta of 1.04. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a 50 day moving average of $41.70 and a 200 day moving average of $38.09.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the company earned $0.45 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts predict that Corning will post 1.91 EPS for the current year.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the period. Wellington Management Group LLP grew its position in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock worth $189,166,000 after acquiring an additional 1,828,097 shares during the last quarter. Natixis raised its holdings in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Corning by 10,626.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock valued at $33,388,000 after acquiring an additional 1,003,556 shares during the last quarter. Institutional investors 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.