Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $2.33 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Corning Incorporated (NYSE:GLW) by 3.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,986 shares of the electronics maker’s stock after buying an additional 1,830 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Corning were worth $2,328,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLW. Public Sector Pension Investment Board lifted its holdings in shares of Corning by 111.5% during the second quarter. Public Sector Pension Investment Board now owns 24,424 shares of the electronics maker’s stock worth $949,000 after buying an additional 12,875 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Corning by 117.1% during the second quarter. Millennium Management LLC now owns 926,249 shares of the electronics maker’s stock worth $35,985,000 after buying an additional 499,595 shares in the last quarter. Creative Planning lifted its holdings in shares of Corning by 37.8% during the second quarter. Creative Planning now owns 247,305 shares of the electronics maker’s stock worth $9,608,000 after buying an additional 67,856 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Corning by 58.4% during the second quarter. NewEdge Advisors LLC now owns 90,442 shares of the electronics maker’s stock worth $3,514,000 after buying an additional 33,333 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Corning by 1.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 73,789 shares of the electronics maker’s stock worth $2,867,000 after buying an additional 844 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Stock Performance

NYSE:GLW opened at $49.53 on Tuesday. The stock has a market cap of $42.40 billion, a P/E ratio of 291.32, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock’s 50-day moving average is $48.47 and its 200-day moving average is $45.50. Corning Incorporated has a 1-year low of $30.72 and a 1-year high of $54.53.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GLW. Citigroup raised their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. UBS Group raised their price target on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Morgan Stanley raised their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, December 24th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average target price of $51.31.

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.