Traders See Bullish Options Activity Corning Incorporated

 Traders See Bullish Options Activity Corning Incorporated

In today’s session Corning Incorporated (GLW) registered an unusually high (1,196) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the May, 2017 call, expecting serious GLW increase. With 1,196 contracts traded and 27774 open interest for the May, 17 contract, it seems this is a quite bullish bet. The option with symbol: GLW170519C00025000 closed last at: $1.2 or 0.8% down. About 396,413 shares traded hands. Corning Incorporated (NYSE:GLW) has risen 25.23% since April 27, 2016 and is uptrending. It has outperformed by 20.01% the S&P500.

Analysts await Corning Incorporated (NYSE:GLW) to report earnings on January, 24. They expect $0.42 EPS, up 23.53% or $0.08 from last year’s $0.34 per share. GLW’s profit will be $399.09M for 14.46 P/E if the $0.42 EPS becomes a reality. After $0.42 actual EPS reported by Corning Incorporated for the previous quarter, Wall Street now forecasts 0.00% 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. $27 is the highest target while $15.75 is the lowest. The $21.86 average target is -10.04% below today’s ($24.3) stock price. Corning Incorporated has been the topic of 19 analyst reports since July 30, 2015 according to StockzIntelligence Inc. Citigroup initiated the shares of GLW in a report on Monday, June 20 with “Buy” rating. On Tuesday, September 15 the stock rating was initiated by Deutsche Bank with “Buy”. The stock of Corning Incorporated (NYSE:GLW) has “Overweight” rating given on Tuesday, September 29 by Barclays Capital. Citigroup maintained it with “Buy” rating and $26 target price in Friday, August 26 report. The company was maintained on Tuesday, January 26 by Drexel Hamilton. As per Thursday, December 17, the company rating was downgraded by JP Morgan. The rating was initiated by Sterne Agee CRT with “Neutral” on Tuesday, September 29. UBS maintained the stock with “Neutral” rating in Wednesday, October 28 report. The firm has “Hold” rating by Drexel Hamilton given on Friday, October 9. The firm has “Buy” rating by Goldman Sachs given on Wednesday, November 2.

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 2016 Q2. 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.
Bancshares Of Montreal Can owns 913,866 shares or 0.02% of their US portfolio. Mizuho Tru And Banking has 0.11% invested in the company for 1.74 million shares. Synovus holds 0.04% of its portfolio in Corning Incorporated (NYSE:GLW) for 75,261 shares. Benedict owns 14,619 shares or 0.17% of their US portfolio. Finemark Natl Bank Tru accumulated 0.13% or 56,613 shares. Geode Mngmt Ltd accumulated 8.45 million shares or 0.09% of the stock. Minneapolis Management Group Inc Lc last reported 6.61% of its portfolio in the stock. Moreover, Qs Investors Limited Liability has 0.01% invested in Corning Incorporated (NYSE:GLW) for 61,435 shares. Moreover, Utd Serv Automobile Association has 0.02% invested in Corning Incorporated (NYSE:GLW) for 334,254 shares. Ancora Advsr Lc reported 188,274 shares or 0.45% of all its holdings. Federated Invsts Incorporated Pa accumulated 0% or 28,567 shares. Moreover, Cubist Systematic Strategies has 0.11% invested in Corning Incorporated (NYSE:GLW) for 93,861 shares. Blackrock owns 2.23 million shares or 0.07% of their US portfolio. Capwealth Advsr Ltd Liability last reported 2.82% of its portfolio in the stock. Thompson Invest Mngmt has invested 0.86% of its portfolio in Corning Incorporated (NYSE:GLW).

Insider Transactions: Since June 7, 2016, the stock had 0 buys, and 30 selling transactions for $27.42 million net activity. Tripeny R Tony sold $388,745 worth of stock or 16,333 shares. On Monday, August 8 Curran Martin J sold $412,020 worth of the stock or 18,000 shares. $207,000 worth of shares were sold by Morse David L on Thursday, August 11. $1.53 million worth of shares were sold by Kinlin Clark S on Thursday, October 27. ROGUS MARK S sold 27,000 shares worth $603,477. $1.96 million worth of shares were sold by STEVERSON LEWIS A on Friday, August 5. Clappin James P also sold $720,000 worth of Corning Incorporated (NYSE:GLW) on Monday, October 24.

Corning Incorporated is engaged in the manufacture of specialty glass and ceramics. The company has a market cap of $23.09 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 12.77 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 Stargazette.com which published an article titled: “Corning Inc. veterans honored at company ceremony” on November 15, 2016.

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