Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the recipient of some unusual options trading activity on Friday. Stock traders purchased 67,678 call options on the stock. This represents an increase of approximately 385% compared to the average volume of 13,955 call options.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GLW shares. Morgan Stanley increased their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Citigroup raised their price target on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Finally, HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price objective for the company from $51.00 to $60.00 in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity

In other Corning news, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Corning during the fourth quarter valued at $490,933,000. Polar Capital Holdings Plc acquired a new position in Corning during the 4th quarter valued at about $124,253,000. Amundi lifted its stake in shares of Corning by 139.0% in the 4th quarter. Amundi now owns 3,900,808 shares of the electronics maker’s stock worth $186,186,000 after acquiring an additional 2,268,436 shares during the period. Mariner LLC boosted its holdings in shares of Corning by 134.0% in the fourth quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker’s stock valued at $183,867,000 after acquiring an additional 2,215,840 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Corning during the fourth quarter valued at approximately $92,522,000. 69.80% of the stock is owned by institutional investors.

Corning Stock Up 2.8 %

Shares of GLW stock traded up $1.26 during mid-day trading on Friday, reaching $46.86. 7,448,728 shares of the company were exchanged, compared to its average volume of 5,435,741. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The company has a market capitalization of $40.13 billion, a P/E ratio of 80.79, a P/E/G ratio of 1.50 and a beta of 1.03. Corning has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The business’s 50 day simple moving average is $49.89 and its 200 day simple moving average is $47.43.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Research analysts predict that Corning will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

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.