Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLWGet Free Report) was the recipient of some unusual options trading activity on Friday. Stock traders bought 11,554 call options on the stock. This represents an increase of approximately 201% compared to the average daily volume of 3,842 call options.

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 on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the transaction, the insider now owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Corning

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Corning by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock valued at $3,423,287,000 after buying an additional 671,480 shares in the last quarter. BlackRock Inc. boosted its position in Corning by 5.2% during the second quarter. BlackRock Inc. now owns 58,326,630 shares of the electronics maker’s stock worth $2,043,765,000 after purchasing an additional 2,872,992 shares during the period. State Street Corp boosted its position in Corning by 2.2% during the first quarter. State Street Corp now owns 31,601,045 shares of the electronics maker’s stock worth $1,114,880,000 after purchasing an additional 686,278 shares during the period. Wellington Management Group LLP boosted its position in Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares during the period. Finally, Morgan Stanley boosted its position in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after purchasing an additional 1,060,450 shares during the period. 67.74% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Performance

NYSE:GLW opened at $32.57 on Friday. 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 firm has a 50-day moving average price of $31.97 and a two-hundred day moving average price of $30.24. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a market capitalization of $27.80 billion, a P/E ratio of 48.61, a price-to-earnings-growth ratio of 1.89 and a beta of 1.08.

Corning (NYSE:GLWGet Free Report) last posted its earnings results on Tuesday, January 30th. The electronics maker reported $0.39 earnings per share for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period last year, the firm posted $0.47 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, research analysts expect that Corning will post 1.86 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.44%. Corning’s dividend payout ratio (DPR) is currently 167.16%.

Analyst Ratings Changes

GLW has been the subject of a number of analyst reports. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research report on Saturday, March 16th. UBS Group upped their price objective on shares of Corning from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Barclays upped their price target on shares of Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 31st. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $32.88.

Check Out Our Latest Stock Analysis on Corning

Corning Company Profile

(Get Free Report)

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.

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