Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW – Get Rating) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 6,511 call options on the company. This represents an increase of 60% compared to the average daily volume of 4,082 call options.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GLW. Susquehanna upped their price target on shares of Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research report on Thursday, February 2nd. Barclays reduced their price target on shares of Corning from $35.00 to $33.00 in a research report on Wednesday, April 26th. StockNews.com started coverage on shares of Corning in a research report on Thursday, May 18th. They set a “hold” rating on the stock. UBS Group cut their target price on shares of Corning from $40.00 to $39.00 in a research report on Wednesday, April 26th. Finally, JPMorgan Chase & Co. upped their target price on shares of Corning from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, April 19th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.89.

Corning Trading Up 2.5 %

NYSE GLW opened at $31.53 on Thursday. The company has a market cap of $26.80 billion, a PE ratio of 29.75, a PEG ratio of 2.27 and a beta of 1.06. The company has a current ratio of 1.44, a quick ratio of 0.84 and a debt-to-equity ratio of 0.55. Corning has a 12 month low of $28.98 and a 12 month high of $37.73. The stock has a 50 day moving average of $32.99 and a 200-day moving average of $33.78.

Corning (NYSE:GLW – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The electronics maker reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Corning had a return on equity of 13.99% and a net margin of 6.66%. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter last year, the firm posted $0.54 EPS. The company’s quarterly revenue was down 10.1% on a year-over-year basis. On average, equities research analysts anticipate that Corning will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, May 31st will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Tuesday, May 30th. Corning’s dividend payout ratio is presently 105.66%.

Insider Buying and Selling at Corning

In related news, SVP Anne Mullins sold 49,882 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $31.34, for a total transaction of $1,563,301.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Corning news, SVP Anne Mullins sold 49,882 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $31.34, for a total value of $1,563,301.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP John Z. Zhang sold 15,000 shares of the business’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $31.45, for a total transaction of $471,750.00. Following the completion of the sale, the senior vice president now directly owns 12,546 shares in the company, valued at approximately $394,571.70. The disclosure for this sale can be found here. Insiders sold 135,198 shares of company stock worth $4,405,084 over the last ninety days. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Corning

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CVA Family Office LLC lifted its stake in shares of Corning by 563.6% in the first quarter. CVA Family Office LLC now owns 730 shares of the electronics maker’s stock worth $26,000 after acquiring an additional 620 shares during the period. City Holding Co. lifted its stake in shares of Corning by 70.5% in the first quarter. City Holding Co. now owns 747 shares of the electronics maker’s stock worth $26,000 after acquiring an additional 309 shares during the period. Carmel Capital Partners LLC acquired a new position in shares of Corning in the first quarter worth approximately $32,000. Pinnacle Bancorp Inc. acquired a new position in shares of Corning in the first quarter worth approximately $32,000. Finally, GoalVest Advisory LLC acquired a new position in Corning in the first quarter valued at approximately $34,000. 67.79% of the stock is currently owned by institutional investors.

Corning Company Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.