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

Corning Incorporated (NYSE:GLW) was the target of some unusual options trading activity on Tuesday. Stock investors bought 18,701 call options on the stock. This is an increase of approximately 23% compared to the average daily volume of 15,247 call options.

Insider Transactions at Corning

In other Corning news, EVP Lewis A. Steverson sold 16,646 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the sale, the executive vice president owned 39,759 shares of the company’s stock, valued at approximately $2,473,804.98. The trade was a 29.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jaymin Amin sold 17,721 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president owned 88,722 shares of the company’s stock, valued at $6,847,563.96. The trade was a 16.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 181,671 shares of company stock valued at $11,816,899. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Corning

Several large investors have recently bought and sold shares of GLW. REAP Financial Group LLC boosted its holdings in Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 339 shares during the last quarter. Total Investment Management Inc. bought a new position in shares of Corning in the second quarter valued at approximately $28,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Corning during the second quarter valued at approximately $36,000. Elevation Point Wealth Partners LLC bought a new stake in Corning during the second quarter worth $38,000. Finally, WFA of San Diego LLC purchased a new position in Corning in the second quarter worth $38,000. 69.80% of the stock is currently owned by institutional investors.

Corning Price Performance

Shares of NYSE:GLW opened at $82.13 on Wednesday. Corning has a twelve month low of $37.31 and a twelve month high of $82.21. The stock’s 50 day moving average is $69.09 and its 200-day moving average is $55.23. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $70.35 billion, a price-to-earnings ratio of 87.37, a PEG ratio of 1.79 and a beta of 1.09.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Oppenheimer reiterated an “outperform” rating and set a $72.00 target price (up from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Wall Street Zen cut shares of Corning from a “strong-buy” rating to a “hold” rating in a research note on Saturday, September 13th. Citigroup raised their target price on Corning from $72.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. JPMorgan Chase & Co. increased their price target on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Finally, Argus reiterated a “buy” rating and issued a $68.00 target price on shares of Corning in a report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $70.08.

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.