In today’s session Corning Incorporated (GLW) recorded an unusually high (3,029) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the January, 2017 put, expecting serious GLW decrease. With 3,029 contracts traded and 13454 open interest for the Jan, 17 contract, it seems this is a quite bearish bet. The option with symbol: GLW170120P00023000 closed last at: $1.32 or 4.3% down. About 2.00M shares traded hands. Corning Incorporated (NYSE:GLW) has risen 8.69% since April 5, 2016 and is uptrending. It has outperformed by 6.73% the S&P500.
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. $27 is the highest target while $15.75 is the lowest. The $21.86 average target is -5.98% below today’s ($23.25) stock price. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of GLW in a report on Wednesday, October 28 with “Outperform” rating. The company was maintained on Friday, August 26 by Citigroup. As per Wednesday, October 26, the company rating was maintained by Deutsche Bank. UBS maintained the shares of GLW in a report on Wednesday, October 28 with “Neutral” rating. The company was initiated on Friday, October 9 by Drexel Hamilton. Citigroup initiated the stock with “Buy” rating in Monday, June 20 report. The company was initiated on Tuesday, September 29 by Sterne Agee CRT. The stock of Corning Incorporated (NYSE:GLW) has “Neutral” rating given on Thursday, December 17 by JP Morgan. Drexel Hamilton downgraded Corning Incorporated (NYSE:GLW) on Friday, June 10 to “Sell” rating. The rating was maintained by Drexel Hamilton with “Hold” on Tuesday, January 26.
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 increased, 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.
Gam Holding Ag has 0.05% invested in the company for 145,670 shares. Bbva Compass Bankshares accumulated 38,606 shares or 0.06% of the stock. Proshare Advsr Ltd Company holds 0.03% or 132,488 shares in its portfolio. Pacific Invest Com has 0.13% invested in the company for 27,284 shares. Thompson Siegel Walmsley Ltd Liability holds 0.02% or 64,643 shares in its portfolio. Mutual Of America Limited Liability Corporation owns 124,784 shares or 0.05% of their US portfolio. Tompkins holds 0.01% or 1,950 shares in its portfolio. Commonwealth Financial Bank Of Australia has 0.04% invested in the company for 163,244 shares. Nuveen Asset Mgmt Ltd Liability Company last reported 135,486 shares in the company. Dekabank Deutsche Girozentrale holds 0.05% or 211,304 shares in its portfolio. Piedmont Invest Lc holds 244,250 shares or 0% of its portfolio. The New York-based Silvercrest Asset Mgmt Grp Llc has invested 0.01% in Corning Incorporated (NYSE:GLW). Associated Banc owns 162,479 shares or 0.21% of their US portfolio. Thompson Davis And last reported 685 shares in the company. The Texas-based Exxonmobil Investment Mgmt Inc Tx has invested 0.12% in Corning Incorporated (NYSE:GLW).
Insider Transactions: Since May 23, 2016, the stock had 0 buys, and 23 insider sales for $21.72 million net activity. McRae Lawrence D also sold $1.28M worth of Corning Incorporated (NYSE:GLW) shares. ROGUS MARK S sold $230,829 worth of stock. Kinlin Clark S sold 66,667 shares worth $1.53M. Another trade for 54,416 shares valued at $1.24 million was sold by Curran Martin J. On Wednesday, September 28 Morse David L sold $423,000 worth of the stock or 18,000 shares. $1.96 million worth of Corning Incorporated (NYSE:GLW) was sold by STEVERSON LEWIS A. $345,000 worth of shares were sold by Clappin James P on Monday, August 15.
Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $22.69 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 12.22 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 Fool.com which published an article titled: “Corning Incorporated Sees (Even) Better Days Ahead” on October 26, 2016.
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