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

Corning Incorporated (NYSE:GLW) saw some unusual options trading on Thursday. Stock traders purchased 22,076 call options on the company. This represents an increase of 526% compared to the typical daily volume of 3,525 call options.

Corning Stock Up 1.2 %

Shares of GLW opened at $31.27 on Friday. Corning has a 12-month low of $25.26 and a 12-month high of $36.01. The business’s 50 day moving average is $32.31 and its 200 day moving average is $30.39. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $26.75 billion, a PE ratio of 46.67, a price-to-earnings-growth ratio of 1.71 and a beta of 1.08.

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

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 29th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Wednesday, February 28th. Corning’s dividend payout ratio is 167.16%.

Wall Street Analyst Weigh In

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

Insider Activity at Corning

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Peoples Bank KS purchased a new stake in Corning in the 3rd quarter worth about $25,000. OFI Invest Asset Management purchased a new stake in Corning in the 3rd quarter worth about $25,000. Janiczek Wealth Management LLC raised its position in Corning by 173.6% in the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 571 shares during the period. Cape Investment Advisory Inc. raised its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 800 shares during the period. Finally, SRS Capital Advisors Inc. raised its position in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 652 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.