Traders Purchase Large Volume of Corning Call Options (NYSE:GLW)

Key Points

• Traders have significantly increased their buying of Corning call options, acquiring 22,537 call options, a rise of approximately 111% compared to the average volume.
• Corning's stock price fell by 0.8% to $67.93, and it has a market capitalization of $58.19 billion with a P/E ratio of 74.17.
• The company declared a quarterly dividend of $0.28 per share, reflecting a dividend yield of 1.6%, with a payout ratio of 119.15%.

Corning Incorporated (NYSE:GLW - Get Free Report) saw some unusual options trading on Wednesday. Stock traders acquired 22,537 call options on the company. Thisisanincreaseofapproximately111% compared to the typical volume of 10,691 call options.

Corning Stock Down 0.8%

NYSE GLW traded down $0.54 during mid-day trading on Wednesday, hitting $67.93. The company's stock had a trading volume of 2,816,391 shares, compared to its average volume of 5,619,865. The firm has a market capitalization of $58.19 billion, a price-to-earnings ratio of 74.17, a PEG ratio of 1.50 and a beta of 1.09. Corning has a twelve month low of $37.31 and a twelve month high of $69.79. The company has a current ratio of 1.50, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. The company's 50 day simple moving average is $59.50 and its 200 day simple moving average is $51.31.

Corning (NYSE:GLW - Get Free Report) last released its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.03. Corning had a return on equity of 17.27% and a net margin of 5.77%.The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. During the same quarter in the previous year, the company posted $0.47 EPS. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Analysts anticipate that Corning will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is currently 119.15%.

Analysts Set New Price Targets

A number of brokerages have recently commented on GLW. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Argus reaffirmed a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday, July 30th. Oppenheimer reiterated an "outperform" rating and issued a $72.00 target price (up from $55.00) on shares of Corning in a report on Wednesday, July 30th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. Finally, Wolfe Research assumed coverage on shares of Corning in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and a consensus target price of $66.75.

Insider Transactions at Corning

In other Corning news, SVP Michael Paul O'day sold 14,879 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at approximately $2,228,933.48. This trade represents a 29.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Wendell P. Weeks sold 82,103 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $65.19, for a total value of $5,352,294.57. Following the transaction, the chief executive officer owned 809,295 shares of the company's stock, valued at approximately $52,757,941.05. The trade was a 9.21% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 163,950 shares of company stock worth $10,449,192. 0.32% of the stock is owned by insiders.

Institutional Trading of Corning

Several institutional investors and hedge funds have recently made changes to their positions in the company. LMR Partners LLP lifted its stake in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after purchasing an additional 700,442 shares during the period. Gotham Asset Management LLC acquired a new position in Corning in the fourth quarter valued at approximately $306,000. GAMMA Investing LLC boosted its position in shares of Corning by 29.2% during the first quarter. GAMMA Investing LLC now owns 11,358 shares of the electronics maker's stock worth $520,000 after buying an additional 2,567 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in Corning by 1.3% during the first quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock worth $1,024,000 after purchasing an additional 297 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Corning by 1.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,300,954 shares of the electronics maker's stock worth $59,558,000 after purchasing an additional 23,781 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

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.

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