Corning Target of Unusually High Options Trading (NYSE:GLW)

Corning Incorporated (NYSE:GLW) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 42,502 call options on the stock. This represents an increase of approximately 293% compared to the typical volume of 10,810 call options.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Corning

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in Corning by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 39,225,452 shares of the electronics maker’s stock valued at $1,771,029,000 after purchasing an additional 133,214 shares in the last quarter. State Street Corp grew its position in shares of Corning by 3.8% during the 3rd quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after buying an additional 1,242,718 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Corning by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,853,076 shares of the electronics maker’s stock worth $219,116,000 after buying an additional 38,168 shares during the period. FMR LLC grew its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. Finally, Stifel Financial Corp grew its position in shares of Corning by 1.9% during the 3rd quarter. Stifel Financial Corp now owns 2,810,435 shares of the electronics maker’s stock worth $126,893,000 after buying an additional 52,667 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GLW shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.31.

Corning Stock Up 3.7 %

Shares of NYSE:GLW traded up $1.89 on Wednesday, reaching $53.44. The company had a trading volume of 4,030,904 shares, compared to its average volume of 4,167,298. The stock has a 50-day moving average price of $48.05 and a 200 day moving average price of $45.25. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning has a twelve month low of $30.30 and a twelve month high of $53.59. The stock has a market capitalization of $45.76 billion, a P/E ratio of 314.47, a P/E/G ratio of 1.35 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 EPS. On average, equities analysts expect that Corning will post 1.95 EPS for the current year.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.