Corning Sees Unusually High Options Volume (NYSE:GLW)

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

Insider Buying and Selling at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GLW. Natixis Advisors L.P. raised its position in Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after purchasing an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC bought a new position in shares of Corning in the fourth quarter worth about $1,199,000. HB Wealth Management LLC lifted its position in shares of Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares in the last quarter. SG Americas Securities LLC raised its position in Corning by 59.8% in the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Corning by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after buying an additional 490,638 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of GLW stock traded up $0.12 during trading hours on Thursday, hitting $31.10. The company had a trading volume of 627,794 shares, compared to its average volume of 4,701,260. 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 firm has a market capitalization of $26.60 billion, a price-to-earnings ratio of 46.24, a PEG ratio of 1.75 and a beta of 1.08. Corning has a 12 month low of $25.26 and a 12 month high of $36.01. The firm’s fifty day moving average is $32.35 and its 200 day moving average is $30.38.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were paid a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.60%. Corning’s dividend payout ratio is 167.16%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a research report on Thursday, February 1st. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. JPMorgan Chase & Co. increased their price target on shares of Corning from $34.00 to $36.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. Finally, Susquehanna reissued a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $34.56.

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.