Corning Sees Unusually Large Options Volume (GLW)
Shares of Corning (NYSE:GLW) was the target of some unusual options trading activity on Wednesday. Stock traders bought 17,853 put options on the stock, AnalystRatingsNetwork.com reports. This is an increase of 418% compared to the average daily volume of 3,444 put options.
GLW has been the subject of a number of recent research reports. Analysts at Argus reiterated a “buy” rating on shares of Corning (NYSE:GLW) in a research note to investors on Wednesday. They now have a $14.74 price target on the stock, down previously from $20.00. Separately, analysts at UBS AG initiated coverage on shares of Corning (NYSE:GLW) in a research note to investors on Monday, September 23rd. They set a “buy” rating and a $20.00 price target on the stock. Finally, analysts at Gilford Securities initiated coverage on shares of Corning (NYSE:GLW) in a research note to investors on Monday, September 23rd. They set a “buy” rating and a $20.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Corning presently has an average rating of “Buy” and a consensus price target of $16.26.
Shares of Corning (NYSE:GLW) traded down 1.42% on Wednesday, hitting $14.53. The stock had a trading volume of 12,603,896 shares. Corning has a 1-year low of $10.71 and a 1-year high of $16.43. The stock’s 50-day moving average is $14.6 and its 200-day moving average is $14.56. The company has a market cap of $21.220 billion and a P/E ratio of 11.44.
Corning (NYSE:GLW) last released its earnings data on Tuesday, July 30th. The company reported $0.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.31 by $0.01. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the company posted $0.31 earnings per share. Corning’s revenue was up 11.1% compared to the same quarter last year. Analysts expect that Corning will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.75%.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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