Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the recipient of unusually large options trading activity on Wednesday. Traders bought 23,283 call options on the stock. This represents an increase of approximately 53% compared to the typical volume of 15,226 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. raised their price objective on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Oppenheimer boosted their target price on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research note on Monday, June 17th. Finally, Citigroup boosted their price target on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Corning Stock Performance

NYSE GLW traded up $1.94 during trading hours on Wednesday, reaching $46.53. The stock had a trading volume of 3,493,708 shares, compared to its average volume of 5,762,589. Corning has a 52-week low of $25.26 and a 52-week high of $46.53. The stock has a fifty day moving average of $41.94 and a 200 day moving average of $38.60. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The stock has a market cap of $39.86 billion, a P/E ratio of 62.80, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. Sell-side analysts predict that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the stock. MBB Public Markets I LLC raised its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Bridgefront Capital LLC purchased a new position in shares of Corning during the 4th quarter valued at approximately $813,000. Wahed Invest LLC increased its holdings in shares of Corning by 8.6% during the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co grew its position in Corning by 4.7% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock valued at $2,154,000 after buying an additional 3,152 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.