Traders Purchase Large Volume of Corning Call Options (NYSE:GLW)

Corning Incorporated (NYSE:GLW) saw unusually large options trading on Wednesday. Investors purchased 23,283 call options on the stock. This represents an increase of 53% compared to the average daily volume of 15,226 call options.

Corning Trading Down 1.5 %

Shares of GLW stock opened at $46.02 on Friday. The stock has a 50 day simple moving average of $42.07 and a two-hundred day simple moving average of $38.66. The company has a market cap of $39.42 billion, a P/E ratio of 64.82, a PEG 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 has a fifty-two week low of $25.26 and a fifty-two week high of $47.45.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. Research analysts forecast that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business 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. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Wall Street Analysts Forecast Growth

GLW has been the topic of a number of recent research reports. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Citigroup upped their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus raised their price objective on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Oppenheimer boosted their price objective on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Finally, Bank of America increased their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Institutional Trading of Corning

Hedge funds have recently made changes to their positions in the company. Livforsakringsbolaget Skandia Omsesidigt increased its stake in Corning by 699.9% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,743 shares of the electronics maker’s stock valued at $304,000 after acquiring an additional 5,900 shares during the last quarter. Successful Portfolios LLC purchased a new position in shares of Corning in the third quarter valued at about $245,000. Merrion Investment Management Co LLC raised its position in Corning by 2.0% during the 3rd quarter. Merrion Investment Management Co LLC now owns 50,800 shares of the electronics maker’s stock valued at $2,294,000 after purchasing an additional 1,000 shares during the last quarter. SS&H Financial Advisors Inc. raised its holdings in shares of Corning by 1.5% during the third quarter. SS&H Financial Advisors Inc. now owns 62,217 shares of the electronics maker’s stock valued at $2,809,000 after acquiring an additional 900 shares in the last quarter. Finally, USA Financial Formulas bought a new position in Corning in the 3rd quarter worth $1,256,000. 69.80% of the stock is currently owned by institutional investors.

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.