Corning Incorporated (NYSE:GLW) Sees Significant Growth in Short Interest

Key Points

• Corning Incorporated experienced a significant increase in short interest, jumping 56.6% to 17,480,000 shares by mid-September, indicating a rise in investor skepticism.
• Recent insider trading shows that executives Michael Paul O'day and COO Avery H. Nelson III sold substantial amounts of stock, resulting in a 29.39% and 35.85% decrease in their holdings, respectively.
• Despite mixed analyst ratings, with one “Strong Buy” and several “Buy” ratings, analysts’ price targets for Corning stock range from $65.00 to $93.00, reflecting varied confidence in its growth potential.

Corning Incorporated (NYSE:GLW - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 17,480,000 shares, an increase of 56.6% from the August 31st total of 11,160,000 shares. Based on an average trading volume of 6,610,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.2% of the company's shares are sold short. Approximately 2.2% of the company's shares are sold short. Based on an average trading volume of 6,610,000 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Avery H. Nelson III sold 36,240 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the sale, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. This trade represents a 35.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 181,671 shares of company stock worth $11,816,899 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

Several large investors have recently bought and sold shares of GLW. Norges Bank purchased a new stake in Corning in the 2nd quarter valued at approximately $534,936,000. Amundi increased its position in Corning by 64.3% during the 1st quarter. Amundi now owns 6,408,605 shares of the electronics maker's stock worth $271,237,000 after purchasing an additional 2,507,797 shares in the last quarter. Nuveen LLC acquired a new position in Corning in the 1st quarter valued at about $104,789,000. Kingstone Capital Partners Texas LLC purchased a new position in Corning in the 2nd quarter valued at about $92,560,000. Finally, Raymond James Financial Inc. boosted its stake in shares of Corning by 93.0% during the 2nd quarter. Raymond James Financial Inc. now owns 3,407,608 shares of the electronics maker's stock worth $179,206,000 after purchasing an additional 1,641,558 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

GLW has been the subject of several research analyst reports. Susquehanna restated a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a research note on Wednesday, July 30th. JPMorgan Chase & Co. upped their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Barclays lifted their price target on Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Citigroup increased their price objective on Corning from $72.00 to $93.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Wall Street Zen cut shares of Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $71.42.

Corning Price Performance

Shares of NYSE:GLW traded down $0.26 on Tuesday, reaching $85.08. 4,693,599 shares of the company were exchanged, compared to its average volume of 6,166,215. The company has a 50-day moving average of $71.34 and a 200-day moving average of $56.27. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The firm has a market cap of $72.88 billion, a price-to-earnings ratio of 90.49, a price-to-earnings-growth ratio of 1.86 and a beta of 1.14. Corning has a 1-year low of $37.31 and a 1-year high of $86.23.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Equities analysts forecast that Corning will post 2.33 earnings per share for the current fiscal year.

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.

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