Corning Sees Unusually Large Options Volume (GLW)
Corning Incorporated (NYSE:GLW) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 190 put options on the company. This represents an increase of 157% compared to the typical daily volume of 74 put options.
Corning (NYSE:GLW) traded down 1.35% during trading on Friday, hitting $29.96. The stock had a trading volume of 3,943,659 shares. The company has a market cap of $27.57 billion, a P/E ratio of 7.94 and a beta of 1.37. The company has a 50 day moving average of $29.46 and a 200-day moving average of $27.34. Corning has a 12-month low of $19.78 and a 12-month high of $30.60.
Corning (NYSE:GLW) last released its earnings results on Tuesday, April 25th. The electronics maker reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.37 billion. Corning had a return on equity of 11.25% and a net margin of 42.69%. Corning’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 earnings per share. On average, equities analysts predict that Corning will post $1.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Wednesday, May 31st will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date is Friday, May 26th. Corning’s dividend payout ratio is currently 16.89%.
In related news, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James P. Clappin sold 106,983 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $29.25, for a total transaction of $3,129,252.75. Following the sale, the insider now owns 91,552 shares in the company, valued at $2,677,896. The disclosure for this sale can be found here. Insiders have sold 457,433 shares of company stock worth $13,393,083 over the last 90 days. Insiders own 0.59% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in GLW. BlackRock Inc. increased its stake in Corning by 1,930.0% in the first quarter. BlackRock Inc. now owns 56,841,179 shares of the electronics maker’s stock worth $1,534,712,000 after buying an additional 54,041,176 shares in the last quarter. Dodge & Cox bought a new stake in Corning during the fourth quarter worth about $759,279,000. Norges Bank bought a new stake in Corning during the fourth quarter worth about $265,739,000. Wedge Capital Management L L P NC bought a new stake in Corning during the first quarter worth about $58,813,000. Finally, Janus Capital Management LLC increased its stake in Corning by 60.3% in the first quarter. Janus Capital Management LLC now owns 5,657,868 shares of the electronics maker’s stock worth $152,763,000 after buying an additional 2,127,260 shares in the last quarter. 73.60% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on the stock. Vetr upgraded shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price target on the stock in a research note on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $29.00 price objective (up from $26.00) on shares of Corning in a report on Monday, June 19th. Drexel Hamilton reissued a “sell” rating on shares of Corning in a report on Monday, June 19th. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $33.00 price objective (up from $30.00) on shares of Corning in a report on Saturday, April 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $27.80.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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