Corning Incorporated Is a Sell; Strong Momentum from Option Traders

 Corning Incorporated Is a Sell; Strong Momentum from Option Traders

In today’s session Corning Incorporated (GLW) recorded an unusually high (1,608) 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 1,608 contracts traded and 25634 open interest for the Jan, 17 contract, it seems this is a quite bearish bet. The option with symbol: GLW170120P00024000 closed last at: $0.98 or 1% down. About 832,868 shares traded hands. Corning Incorporated (NYSE:GLW) has risen 13.86% since April 18, 2016 and is uptrending. It has outperformed by 9.43% 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. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. The company was maintained on Tuesday, January 26 by Drexel Hamilton. The company was downgraded on Friday, June 10 by Drexel Hamilton. The firm has “Buy” rating given on Wednesday, October 26 by Deutsche Bank. Deutsche Bank initiated Corning Incorporated (NYSE:GLW) rating on Tuesday, September 15. Deutsche Bank has “Buy” rating and $21 price target. The stock of Corning Incorporated (NYSE:GLW) earned “Buy” rating by Goldman Sachs on Wednesday, November 2. The rating was initiated by Citigroup with “Buy” on Monday, June 20. The stock of Corning Incorporated (NYSE:GLW) has “Neutral” rating given on Tuesday, September 29 by Sterne Agee CRT. RBC Capital Markets maintained the stock with “Outperform” rating in Wednesday, October 28 report. The firm has “Outperform” rating by RBC Capital Markets given on Friday, September 25. Barclays Capital maintained it with “Overweight” rating and $25 target price in Tuesday, September 29 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 0.75 in Q2 2016. Its up 0.09, from 0.66 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.
Employees Retirement Sys Of Texas accumulated 0.01% or 53,000 shares. Aston Asset Mngmt Ltd Llc has invested 1.28% of its portfolio in Corning Incorporated (NYSE:GLW). Stonebridge Cap holds 0.1% of its portfolio in Corning Incorporated (NYSE:GLW) for 11,231 shares. Park Natl Oh has invested 0.99% of its portfolio in Corning Incorporated (NYSE:GLW). Minneapolis Port Mngmt Grp Inc Ltd Co last reported 6.61% of its portfolio in the stock. Colony Group Ltd Llc owns 148,186 shares or 0.33% of their US portfolio. Blackrock Investment Management Ltd has 0.05% invested in the company for 1.97 million shares. Moreover, Tocqueville Asset Ltd Partnership has 0.35% invested in Corning Incorporated (NYSE:GLW) for 1.32 million shares. The New Jersey-based Hamel Associate has invested 1.26% in Corning Incorporated (NYSE:GLW). Chemung Canal Trust has invested 1.92% of its portfolio in Corning Incorporated (NYSE:GLW). Raymond James Tru Na holds 44,729 shares or 0.08% of its portfolio. Valicenti Advisory Svcs has invested 3.31% of its portfolio in Corning Incorporated (NYSE:GLW). Oakworth holds 0% or 203 shares in its portfolio. Putnam Lc holds 0% of its portfolio in Corning Incorporated (NYSE:GLW) for 25,086 shares. Cambridge Advisors Incorporated, a Iowa-based fund reported 151,456 shares.

Insider Transactions: Since May 23, 2016, the stock had 0 insider buys, and 29 selling transactions for $25.43 million net activity. Curran Martin J sold $412,020 worth of stock or 18,000 shares. Clappin James P had sold 77,102 shares worth $1.79M on Friday, November 11. Morse David L also sold $423,000 worth of Corning Incorporated (NYSE:GLW) shares. The insider WEEKS WENDELL P sold $4.72M. 54,352 shares were sold by Kinlin Clark S, worth $1.08 million. Tripeny R Tony sold $167,000 worth of Corning Incorporated (NYSE:GLW) on Friday, July 29. The insider GREGG KIRK P sold $502,414.

Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $22.86 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 12.55 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.

More news for Corning Incorporated (NYSE:GLW) were recently published by: Fool.com, which released: “Corning Incorporated Sees (Even) Better Days Ahead” on October 26, 2016. Stargazette.com‘s article titled: “Corning Inc. veterans honored at company ceremony” and published on November 15, 2016 is yet another important article.

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