Corning Target of Unusually High Options Trading (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the target of some unusual options trading activity on Thursday. Investors acquired 188,612 call options on the company. This is an increase of approximately 776% compared to the average daily volume of 21,538 call options.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GLW. Oppenheimer set a $100.00 price objective on Corning and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Barclays increased their price target on shares of Corning from $65.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Morgan Stanley set a $82.00 price objective on Corning in a research report on Wednesday, October 29th. Argus increased their price target on Corning from $68.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Finally, Susquehanna raised their price target on Corning from $75.00 to $100.00 and gave the company a “positive” rating in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.82.

Insider Activity

In other news, SVP Stefan Becker sold 12,100 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $91.28, for a total value of $1,104,488.00. Following the sale, the senior vice president directly owned 5,049 shares of the company’s stock, valued at $460,872.72. The trade was a 70.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Edward A. Schlesinger sold 20,893 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The shares were sold at an average price of $91.25, for a total value of $1,906,486.25. Following the transaction, the chief financial officer directly owned 66,959 shares of the company’s stock, valued at approximately $6,110,008.75. This trade represents a 23.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 173,856 shares of company stock valued at $15,456,476. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Corning

Large investors have recently made changes to their positions in the business. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Corning during the third quarter worth approximately $25,000. REAP Financial Group LLC raised its holdings in Corning by 191.5% during the 2nd quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock valued at $27,000 after buying an additional 339 shares during the period. Strengthening Families & Communities LLC bought a new stake in Corning in the third quarter worth $27,000. Total Investment Management Inc. purchased a new position in Corning during the second quarter worth $28,000. Finally, Cornerstone Planning Group LLC increased its position in Corning by 58.5% during the third quarter. Cornerstone Planning Group LLC now owns 336 shares of the electronics maker’s stock valued at $30,000 after acquiring an additional 124 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Corning stock traded down $7.32 during midday trading on Thursday, reaching $81.69. 7,574,746 shares of the stock traded hands, compared to its average volume of 6,266,991. The stock has a market cap of $70.04 billion, a P/E ratio of 51.61, a PEG ratio of 1.99 and a beta of 1.15. The stock’s fifty day moving average is $82.90 and its 200-day moving average is $64.51. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.62. Corning has a 12 month low of $37.31 and a 12 month high of $92.57.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Corning has set its Q4 2025 guidance at 0.680-0.72 EPS. As a group, equities research analysts anticipate that Corning will post 2.33 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 14th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 14th. This represents a $1.12 annualized dividend and a yield of 1.4%. Corning’s dividend payout ratio (DPR) is 70.89%.

About Corning

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.