Stock Traders Buy High Volume of Call Options on Corning (NYSE:GLW)

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Corning Incorporated (NYSE:GLW) was the recipient of some unusual options trading activity on Monday. Investors purchased 29,156 call options on the company. This is an increase of approximately 1,376% compared to the average volume of 1,976 call options.

In related news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $29.78, for a total value of $29,780.00. Following the transaction, the vice president now owns 58,036 shares of the company’s stock, valued at $1,728,312.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Martin J. Curran sold 13,254 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.00, for a total transaction of $397,620.00. Following the completion of the transaction, the vice president now directly owns 6,529 shares in the company, valued at approximately $195,870. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,325 shares of company stock worth $2,481,690. Insiders own 0.46% of the company’s stock.

Large investors have recently modified their holdings of the business. Cetera Advisor Networks LLC raised its position in shares of Corning by 19.2% during the second quarter. Cetera Advisor Networks LLC now owns 29,938 shares of the electronics maker’s stock valued at $995,000 after buying an additional 4,823 shares during the last quarter. Foresters Investment Management Company Inc. raised its position in shares of Corning by 166.1% during the second quarter. Foresters Investment Management Company Inc. now owns 853,300 shares of the electronics maker’s stock valued at $28,355,000 after buying an additional 532,600 shares during the last quarter. CSat Investment Advisory L.P. raised its position in shares of Corning by 427.6% during the second quarter. CSat Investment Advisory L.P. now owns 1,699 shares of the electronics maker’s stock valued at $56,000 after buying an additional 1,377 shares during the last quarter. Flinton Capital Management LLC raised its position in shares of Corning by 16.4% during the second quarter. Flinton Capital Management LLC now owns 227,808 shares of the electronics maker’s stock valued at $7,570,000 after buying an additional 32,116 shares during the last quarter. Finally, Voya Financial Advisors Inc. raised its position in shares of Corning by 10.1% during the third quarter. Voya Financial Advisors Inc. now owns 37,601 shares of the electronics maker’s stock valued at $1,067,000 after buying an additional 3,454 shares during the last quarter. 73.59% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:GLW opened at $28.00 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. Corning has a 1-year low of $26.75 and a 1-year high of $35.34. The company has a market capitalization of $21.54 billion, a P/E ratio of 15.73, a P/E/G ratio of 1.98 and a beta of 1.14. The firm’s 50 day simple moving average is $29.34 and its two-hundred day simple moving average is $29.87.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.87 billion. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Corning will post 1.74 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend is Thursday, November 14th. Corning’s dividend payout ratio is currently 44.94%.

A number of equities analysts recently issued reports on GLW shares. Citigroup reissued a “buy” rating and issued a $34.00 price objective (up previously from $32.00) on shares of Corning in a report on Wednesday, October 30th. Cross Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Barclays set a $33.00 price objective on shares of Corning and gave the stock a “buy” rating in a report on Tuesday, September 17th. Bank of America dropped their price objective on shares of Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. set a $30.00 price objective on shares of Corning and gave the stock a “hold” rating in a report on Tuesday, September 17th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $32.64.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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