Corning Sees Unusually Large Options Volume (GLW)
Shares of Corning (NYSE:GLW) were the recipient of some unusual options trading activity on Thursday. Traders purchased 44,335 call options on the company, American Banking News.com reports. This represents an increase of 969% compared to the average daily volume of 4,149 call options.
In other Corning news, EVP Clark S. Kinlin sold 19,137 shares of Corning stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $20.57, for a total transaction of $393,648.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on GLW. Analysts at Cantor Fitzgerald cut their price target on shares of Corning from $19.00 to $18.00 in a research note on Thursday, July 31st. Separately, analysts at Zacks reiterated an “outperform” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $24.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Corning in a research note on Wednesday, July 30th. They now have a $21.00 price target on the stock, down previously from $23.00. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $21.08.
Shares of Corning (NYSE:GLW) traded up 0.57% during mid-day trading on Thursday, hitting $21.12. 10,543,987 shares of the company’s stock traded hands. Corning has a 52 week low of $13.82 and a 52 week high of $22.37. The stock’s 50-day moving average is $20.72 and its 200-day moving average is $20.76. The company has a market cap of $27.266 billion and a price-to-earnings ratio of 23.15.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.37 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.38 by $0.01. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter last year, the company posted $0.32 earnings per share. Corning’s revenue was up 27.5% compared to the same quarter last year. Analysts expect that Corning will post $1.45 EPS for the current fiscal year.
Corning Incorporated (NYSE:GLW), is a global, technology-based corporation.
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