Corning Sees Unusually High Options Volume (NYSE:GLW)

Corning Incorporated (NYSE:GLW - Get Free Report) was the target of some unusual options trading on Tuesday. Stock investors bought 23,495 call options on the company. This is an increase of approximately 51% compared to the average volume of 15,574 call options.

Corning Stock Performance

GLW traded up $2.19 during trading on Tuesday, reaching $49.03. 13,293,675 shares of the company's stock were exchanged, compared to its average volume of 5,735,072. The company has a market capitalization of $42.00 billion, a P/E ratio of 69.06, a PEG ratio of 1.73 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average price of $43.98 and a 200 day moving average price of $39.99. Corning has a fifty-two week low of $26.37 and a fifty-two week high of $51.03.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm's revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 EPS. As a group, analysts predict that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.28%. Corning's payout ratio is presently 157.75%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GLW. Barclays boosted their target price on Corning from $40.00 to $53.00 and gave the stock an "equal weight" rating in a report on Tuesday. Hsbc Global Res raised shares of Corning from a "moderate sell" rating to a "hold" rating in a report on Tuesday, July 9th. HSBC raised shares of Corning from a "reduce" rating to a "hold" rating and set a $37.00 target price for the company in a research report on Tuesday, July 9th. Bank of America raised their price target on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research report on Friday, September 20th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and an average target price of $48.23.

Institutional Trading of Corning

Several institutional investors have recently bought and sold shares of GLW. Park Avenue Securities LLC acquired a new stake in shares of Corning during the 1st quarter worth about $252,000. LVW Advisors LLC raised its stake in shares of Corning by 20.6% in the first quarter. LVW Advisors LLC now owns 9,385 shares of the electronics maker's stock valued at $309,000 after acquiring an additional 1,600 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Corning by 10.8% in the 1st quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker's stock worth $404,000 after acquiring an additional 1,191 shares in the last quarter. Claro Advisors LLC grew its position in Corning by 7.8% during the 1st quarter. Claro Advisors LLC now owns 7,490 shares of the electronics maker's stock worth $247,000 after acquiring an additional 541 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Corning by 2.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker's stock valued at $69,109,000 after purchasing an additional 42,832 shares in the last quarter. 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.