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

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

Corning Price Performance

Corning stock traded down $0.11 during trading hours on Friday, hitting $46.94. The stock had a trading volume of 282,535 shares, compared to its average volume of 5,664,217. 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 has a market capitalization of $40.19 billion, a price-to-earnings ratio of 276.76, a PEG ratio of 1.51 and a beta of 1.03. Corning has a 1-year low of $27.57 and a 1-year high of $51.03. The stock’s fifty day moving average is $45.51 and its two-hundred day moving average is $41.33.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.39%. Corning’s dividend payout ratio is presently 658.82%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. raised its position in shares of Corning by 25.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 22,826 shares of the electronics maker’s stock worth $752,000 after purchasing an additional 4,588 shares during the period. Empowered Funds LLC lifted its stake in Corning by 35.4% in the 1st quarter. Empowered Funds LLC now owns 19,431 shares of the electronics maker’s stock worth $640,000 after acquiring an additional 5,081 shares in the last quarter. QRG Capital Management Inc. grew its stake in shares of Corning by 7.3% in the 1st quarter. QRG Capital Management Inc. now owns 44,161 shares of the electronics maker’s stock valued at $1,456,000 after buying an additional 2,991 shares in the last quarter. Bleakley Financial Group LLC grew its position in Corning by 4.9% in the first quarter. Bleakley Financial Group LLC now owns 9,984 shares of the electronics maker’s stock worth $329,000 after acquiring an additional 464 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Corning by 11.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 109,264 shares of the electronics maker’s stock valued at $3,601,000 after purchasing an additional 10,980 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analyst Ratings Changes

GLW has been the topic of several recent research reports. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Oppenheimer reaffirmed an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Susquehanna lifted their price target on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research note on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average 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.