Empirical Asset Management LLC Invests $1.05 Million in Corning Incorporated (NYSE:GLW)

Empirical Asset Management LLC bought a new position in shares of Corning Incorporated (NYSE:GLW) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 22,105 shares of the electronics maker’s stock, valued at approximately $1,050,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. West Oak Capital LLC increased its stake in Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after purchasing an additional 215 shares in the last quarter. Lake Street Advisors Group LLC increased its position in shares of Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after acquiring an additional 232 shares in the last quarter. SteelPeak Wealth LLC raised its holdings in shares of Corning by 3.3% during the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after acquiring an additional 239 shares during the period. Brown Lisle Cummings Inc. lifted its position in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after acquiring an additional 250 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Corning by 1.3% in the 3rd quarter. Allworth Financial LP now owns 19,361 shares of the electronics maker’s stock worth $874,000 after purchasing an additional 251 shares during the period. 69.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

Corning Stock Performance

Shares of GLW opened at $49.83 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a one year low of $29.82 and a one year high of $51.03. The company’s fifty day moving average price is $47.96 and its 200 day moving average price is $45.03. The company has a market capitalization of $42.66 billion, a PE ratio of 293.12, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. As a group, analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GLW shares. Morgan Stanley raised their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. JPMorgan Chase & Co. boosted their price objective on shares of Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Barclays lifted their price objective on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Corning has a consensus rating of “Moderate Buy” and a consensus target price of $50.77.

Corning Profile

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.