Corning Sees Unusually Large Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the target of unusually large options trading activity on Thursday. Traders acquired 92,077 call options on the company. This represents an increase of 580% compared to the typical volume of 13,541 call options.

Corning Trading Down 0.3 %

Shares of GLW traded down $0.16 during midday trading on Thursday, hitting $47.05. The stock had a trading volume of 3,469,061 shares, compared to its average volume of 5,688,400. Corning has a 1 year low of $27.57 and a 1 year high of $51.03. The firm has a market cap of $40.28 billion, a PE ratio of 277.71, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The stock’s 50 day moving average is $45.51 and its 200 day moving average is $41.33.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. As a group, analysts forecast that Corning will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

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 paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. West Oak Capital LLC increased its position in Corning by 0.4% during the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after purchasing an additional 215 shares during the period. Lake Street Advisors Group LLC increased its position in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after purchasing an additional 232 shares during the period. SteelPeak Wealth LLC increased its position in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after purchasing an additional 239 shares during the period. Grove Bank & Trust increased its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after purchasing an additional 250 shares during the period. Finally, Brown Lisle Cummings Inc. increased its position in Corning by 1.5% during the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Susquehanna upped their price target on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Finally, Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

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.