Corning Sees Unusually Large Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) saw unusually large options trading activity on Wednesday. Stock investors acquired 23,283 call options on the company. This is an increase of 53% compared to the average daily volume of 15,226 call options.

Analysts Set New Price Targets

GLW has been the subject of several research reports. Susquehanna raised their price objective on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Argus raised their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Oppenheimer boosted their price target on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Fox Advisors upgraded shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Finally, UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Trading Down 1.5 %

NYSE:GLW opened at $46.02 on Friday. The stock’s 50 day moving average price is $42.07 and its 200 day moving average price is $38.66. Corning has a 52 week low of $25.26 and a 52 week high of $47.45. The company has a market capitalization of $39.42 billion, a P/E ratio of 64.82, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, research analysts forecast that Corning will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. Corning’s dividend payout ratio is 157.75%.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently modified their holdings of GLW. MBB Public Markets I LLC boosted its position in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares during the last quarter. Bridgefront Capital LLC acquired a new stake in Corning in the fourth quarter worth about $813,000. Wahed Invest LLC raised its holdings in Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Corning by 75.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co boosted its stake in shares of Corning by 4.7% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after purchasing an additional 3,152 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.