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 - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 22,105 shares of the electronics maker's stock, valued at approximately $1,050,000.

Other hedge funds have also recently made changes to their positions in the company. City Holding Co. grew its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker's stock worth $32,000 after acquiring an additional 600 shares in the last quarter. Rosenberg Matthew Hamilton boosted its stake in shares of Corning by 202.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker's stock valued at $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning in the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Corning in the 3rd quarter valued at $40,000. Finally, Global Trust Asset Management LLC raised its position in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker's stock worth $42,000 after acquiring an additional 900 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Insider Activity at Corning

In related news, 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 transaction of $435,722.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction 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 in the company, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Corning Price Performance

Shares of NYSE GLW traded up $0.59 during midday trading on Friday, hitting $49.83. The stock had a trading volume of 5,472,683 shares, compared to its average volume of 3,228,455. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $47.96 and a 200-day simple moving average of $45.08. The company has a market capitalization of $42.66 billion, a PE ratio of 293.12, a P/E/G ratio of 1.28 and a beta of 1.04. Corning Incorporated has a 1 year low of $29.82 and a 1 year high of $51.03.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the firm posted $0.45 EPS. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts expect that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Oppenheimer reaffirmed an "outperform" rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Finally, Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $50.77.

Corning Company 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.