Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the recipient of some unusual options trading on Thursday. Traders acquired 22,076 call options on the company. This is an increase of 526% compared to the typical daily volume of 3,525 call options.

Corning Stock Performance

GLW stock opened at $30.89 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $32.33 and its two-hundred day simple moving average is $30.38. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The firm has a market cap of $26.42 billion, a price-to-earnings ratio of 46.10, a PEG ratio of 1.75 and a beta of 1.08.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the company earned $0.47 EPS. The business’s revenue was down 12.1% compared to the same quarter last year. Analysts predict that Corning will post 1.87 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s payout ratio is currently 167.16%.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of Corning stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently added to or reduced their stakes in the stock. West Oak Capital LLC boosted its position in Corning by 1.1% during the first quarter. West Oak Capital LLC now owns 51,430 shares of the electronics maker’s stock valued at $1,695,000 after purchasing an additional 540 shares in the last quarter. Claro Advisors LLC boosted its holdings in Corning by 7.8% in the first quarter. Claro Advisors LLC now owns 7,490 shares of the electronics maker’s stock worth $247,000 after acquiring an additional 541 shares in the last quarter. Diversified Trust Co boosted its holdings in Corning by 10.8% in the first quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock worth $404,000 after acquiring an additional 1,191 shares in the last quarter. Aviance Capital Partners LLC boosted its holdings in Corning by 7.3% in the first quarter. Aviance Capital Partners LLC now owns 25,878 shares of the electronics maker’s stock worth $853,000 after acquiring an additional 1,760 shares in the last quarter. Finally, LVW Advisors LLC boosted its holdings in Corning by 20.6% in the first quarter. LVW Advisors LLC now owns 9,385 shares of the electronics maker’s stock worth $309,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research note on Thursday, February 1st. UBS Group lifted their price objective on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.56.

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.