Corning Sees Unusually Large Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the recipient of some unusual options trading activity on Thursday. Investors bought 92,077 call options on the stock. This is an increase of 580% compared to the average daily volume of 13,541 call options.

Corning Trading Down 0.6 %

NYSE:GLW traded down $0.28 during midday trading on Friday, reaching $46.49. 3,655,835 shares of the stock traded hands, compared to its average volume of 5,084,251. The stock has a market capitalization of $39.81 billion, a P/E ratio of 273.47, a PEG ratio of 1.51 and a beta of 1.03. Corning has a 12 month low of $27.57 and a 12 month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company has a fifty day moving average of $45.74 and a 200 day moving average of $41.48.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (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 return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. On average, research analysts predict that Corning will post 1.95 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is currently 658.82%.

Institutional Investors Weigh In On Corning

Several institutional investors and hedge funds have recently modified their holdings of GLW. MBB Public Markets I LLC raised its stake in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after buying an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Corning in the 2nd quarter valued at approximately $511,000. National Pension Service lifted its stake in shares of Corning by 11.3% in the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares during the period. CWA Asset Management Group LLC bought a new stake in shares of Corning during the third quarter valued at approximately $5,705,000. Finally, Jackson Square Capital LLC purchased a new stake in Corning in the third quarter worth $990,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLW has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Morgan Stanley reissued an “equal weight” rating and issued a $39.00 target price on shares of Corning in a research note on Friday, July 26th. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Finally, Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.