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

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

Corning Price Performance

Shares of NYSE:GLW opened at $31.27 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The business’s fifty day moving average price is $32.31 and its two-hundred day moving average price is $30.39. The stock has a market cap 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 has a one year low of $25.26 and a one year high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. Corning had a return on equity of 12.31% and a net margin of 4.62%. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the business posted $0.47 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts forecast that Corning will post 1.87 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Wednesday, February 28th. Corning’s dividend payout ratio (DPR) is 167.16%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on GLW shares. JPMorgan Chase & Co. raised their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Susquehanna reaffirmed a “positive” rating and issued a $40.00 price objective on shares of Corning in a 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 report on Thursday, February 1st. UBS Group lifted their price objective on Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, April 8th. Finally, Barclays lifted their price target on shares of Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $34.56.

Insider Activity

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on 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 sale, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GLW. Peoples Bank KS purchased a new stake in Corning in the third quarter valued at approximately $25,000. OFI Invest Asset Management purchased a new stake in Corning during the third quarter worth approximately $25,000. Janiczek Wealth Management LLC grew its stake in Corning by 173.6% during the third quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 571 shares during the period. Cape Investment Advisory Inc. grew its stake in Corning by 800.0% during the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Finally, SRS Capital Advisors Inc. grew its stake in Corning by 232.9% during the third quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

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.