Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) saw unusually large options trading activity on Tuesday. Stock traders bought 14,642 call options on the stock. This is an increase of 247% compared to the average daily volume of 4,223 call options.

Corning Price Performance

NYSE:GLW opened at $36.59 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The firm has a market cap of $31.34 billion, a price-to-earnings ratio of 51.54, a price-to-earnings-growth ratio of 1.71 and a beta of 1.07. The company has a 50 day moving average price of $32.93 and a 200-day moving average price of $31.33. Corning has a 1-year low of $25.26 and a 1-year high of $36.80.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. Equities research analysts forecast that Corning will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is currently 157.75%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. JPMorgan Chase & Co. upped their target price on shares of Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Susquehanna reaffirmed a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. Barclays upped their target price on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. Finally, Mizuho assumed coverage on shares of Corning in a report on Tuesday, May 7th. They set a “neutral” rating and a $36.00 target price for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $35.00.

Insider Buying and Selling

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 239,841 shares of company stock valued at $7,971,257. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Cape Investment Advisory Inc. raised its holdings in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares in the last quarter. SRS Capital Advisors Inc. raised its holdings in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares in the last quarter. Access Investment Management LLC acquired a new stake in Corning during the first quarter worth approximately $28,000. Bruce G. Allen Investments LLC acquired a new stake in Corning during the fourth quarter worth approximately $31,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Corning by 347.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 823 shares in the last quarter. Hedge funds and other 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.