Corning Target of Unusually Large Options Trading (GLW)
Corning (NYSE:GLW) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 21,736 put options on the company, AnalystRatings.Net reports. This is an increase of 187% compared to the typical daily volume of 7,571 put options.
Several analysts have recently commented on the stock. Analysts at UBS AG cut their price target on shares of Corning to $16.00 in a research note to investors on Tuesday, October 15th. They now have a “buy” rating on the stock. Separately, analysts at Credit Agricole reiterated an “underperform” rating on shares of Corning in a research note to investors on Tuesday, October 15th. Finally, analysts at Piper Jaffray Cos. downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note to investors on Friday, October 11th. They now have a $14.00 price target on the stock, down previously from $19.00. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.85.
Corning (NYSE:GLW) traded up 1.72% during mid-day trading on Tuesday, hitting $15.35. 22,685,028 shares of the company’s stock traded hands. Corning has a 52-week low of $10.71 and a 52-week high of $16.43. The stock has a 50-day moving average of $14.7 and a 200-day moving average of $14.35. The company has a market cap of $22.417 billion and a P/E ratio of 11.72.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.31 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, analysts predict that Corning will post $1.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, December 13th. Shareholders 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 2.61%. The ex-dividend date is Wednesday, November 13th.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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