Traders Purchase Large Volume of Put Options on Corning (GLW)
Shares of Corning (NYSE:GLW) was the recipient of unusually large options trading activity on Thursday. Investors purchased 10,623 put options on the company, AnalystRatingsNetwork reports. This represents an increase of 181% compared to the typical daily volume of 3,779 put options.
A number of analysts have recently weighed in on GLW shares. 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 analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $16.26.
Shares of Corning (NYSE:GLW) traded down 1.58% during mid-day trading on Thursday, hitting $14.30. 12,940,032 shares of the company’s stock traded hands. Corning has a one year low of $10.71 and a one year high of $16.43. The stock has a 50-day moving average of $14.64 and a 200-day moving average of $14.56. The company has a market cap of $20.884 billion and a P/E ratio of 11.28.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Corning will post $1.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, November 13th.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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