Could Corning Incorporated Gain Strenght? Option Traders Don’t Think So

 Could Corning Incorporated Gain Strenght? Option Traders Don't Think So

In today’s session Corning Incorporated (GLW) recorded an unusually high (701) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the November, 2016 put, expecting serious GLW decrease. With 701 contracts traded and 23724 open interest for the Nov, 16 contract, it seems this is a quite bearish bet. The option with symbol: GLW161118P00022000 closed last at: $0.27 or 8% up. About 845,729 shares traded hands. Corning Incorporated (NYSE:GLW) has risen 23.21% since March 10, 2016 and is uptrending. It has outperformed by 15.69% the S&P500.

Analysts await Corning Incorporated (NYSE:GLW) to report earnings on October, 25. They expect $0.38 earnings per share, up 11.76% or $0.04 from last year’s $0.34 per share. GLW’s profit will be $390.15 million for 15.27 P/E if the $0.38 EPS becomes a reality. After $0.37 actual earnings per share reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 2.70% EPS growth.

Corning Incorporated (NYSE:GLW) Ratings Coverage

Out of 10 analysts covering Corning Incorporated (NYSE:GLW), 5 rate it a “Buy”, 1 “Sell”, while 4 “Hold”. This means 50% are positive. Corning Incorporated has been the topic of 17 analyst reports since July 30, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the stock with “Outperform” rating in Friday, September 25 report. On Tuesday, September 15 the stock rating was initiated by Deutsche Bank with “Buy”. The stock has “Buy” rating given by Citigroup on Monday, June 20. On Friday, June 10 the stock rating was downgraded by Drexel Hamilton to “Sell”. UBS maintained Corning Incorporated (NYSE:GLW) rating on Wednesday, October 28. UBS has “Neutral” rating and $19 price target. The firm earned “Neutral” rating on Thursday, December 17 by JP Morgan. The stock of Corning Incorporated (NYSE:GLW) earned “Hold” rating by Drexel Hamilton on Tuesday, January 26. As per Tuesday, September 29, the company rating was initiated by Sterne Agee CRT. The stock of Corning Incorporated (NYSE:GLW) has “Neutral” rating given on Friday, September 25 by Goldman Sachs. RBC Capital Markets maintained it with “Outperform” rating and $24 target price in Wednesday, October 28 report.

According to Zacks Investment Research, “Corning Incorporated creates leading-edge technologies for the fastest-growing markets of the world’s economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. (Company Press Release)”

Insitutional Activity: The institutional sentiment increased to 0.66 in Q2 2016. Its up 0.03, from 0.63 in 2016Q1. The ratio improved, as 52 funds sold all Corning Incorporated shares owned while 339 reduced positions. 49 funds bought stakes while 208 increased positions. They now own 745.73 million shares or 5.03% less from 785.22 million shares in 2016Q1.
Nordea Invest Management accumulated 0.01% or 139,770 shares. Train Babcock Lc last reported 1.58% of its portfolio in the stock. Nationwide Fund Advisors last reported 568,392 shares in the company. Amica Retiree Medical Tru reported 12,137 shares or 0.21% of all its holdings. Washington Bancorp accumulated 0.19% or 36,233 shares. Ingalls And Snyder Ltd Limited Liability Company accumulated 62,345 shares or 0.08% of the stock. Hudson Valley Invest Advsr Adv reported 113,807 shares or 0.75% of all its holdings. Alpha Windward Ltd accumulated 38,135 shares or 0.56% of the stock. Legacy Private, a Wisconsin-based fund reported 13,080 shares. Lafayette Invs last reported 160,662 shares in the company. Baker Ellis Asset Mngmt Ltd Com accumulated 0.04% or 6,100 shares. M Secs has 0.16% invested in the company for 15,106 shares. Hancock Co has invested 0.63% of its portfolio in Corning Incorporated (NYSE:GLW). Hall Laurie J Trustee has invested 0.03% of its portfolio in Corning Incorporated (NYSE:GLW). Skylands Cap Limited Liability Corp reported 2,200 shares or 0.01% of all its holdings.

Insider Transactions: Since May 23, 2016, the stock had 0 buys, and 19 insider sales for $13.42 million net activity. On Wednesday, August 10 the insider Ferrero Lisa sold $1.10M. 9,000 shares were sold by Morse David L, worth $207,000 on Thursday, August 11. 15,000 shares were sold by Clappin James P, worth $330,000. Musser Eric S also sold $1.27M worth of Corning Incorporated (NYSE:GLW) shares. WEEKS WENDELL P had sold 68,250 shares worth $1.52 million on Tuesday, August 2. $230,829 worth of shares were sold by ROGUS MARK S on Tuesday, June 7. Another trade for 86,715 shares valued at $1.96M was sold by STEVERSON LEWIS A.

Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.83 billion. The Firm operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. It has a 12.74 P/E ratio. The Display Technologies segment develops, makes and supplies glass substrates using a fusion manufacturing process.

GLW Company Profile

Corning Incorporated (Corning), incorporated on December 24, 1936, is engaged in the manufacture of specialty glass and ceramics. Corning operates in five divisions: Display Technologies, which makes glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which makes ceramic substrates and filter products; Specialty Materials, which makes products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, maker and supplier of scientific laboratory products. The Firm makes and processes products at approximately 90 plants in over 20 countries. Corning offers its products under the trademarks, including Corning, Celcor, ClearCurve, DuraTrap, Eagle XG, Epic, Gorilla, HPFS, Pyrex, Steuben, Falcon, SMF-28e and Willow.

Another recent and important Corning Incorporated (NYSE:GLW) news was published by Profitconfidential.com which published an article titled: “Corning Incorporated: GLW Stock Setting Up for 297.5% Run?” on September 27, 2016.

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