Empirical Finance LLC Has $1.25 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Empirical Finance LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 26,235 shares of the electronics maker’s stock after selling 328 shares during the period. Empirical Finance LLC’s holdings in Corning were worth $1,247,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Northstar Advisory Group LLC boosted its holdings in shares of Corning by 258.4% during the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker’s stock valued at $5,883,000 after acquiring an additional 89,268 shares in the last quarter. Franklin Resources Inc. raised its position in Corning by 48.4% in the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock valued at $8,975,000 after purchasing an additional 62,514 shares during the last quarter. FMR LLC boosted its stake in shares of Corning by 52.8% during the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock worth $5,296,000 after purchasing an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division increased its stake in shares of Corning by 27.5% in the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after buying an additional 29,790 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Barclays lowered their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. HSBC raised Corning from a “hold” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Finally, Morgan Stanley raised their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Transactions at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. This trade represents a 42.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Insiders sold a total of 46,085 shares of company stock valued at $2,345,436 over the last ninety days. 0.40% of the stock is currently owned by insiders.

Corning Stock Performance

Shares of GLW stock opened at $53.02 on Tuesday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The firm has a fifty day simple moving average of $49.22 and a two-hundred day simple moving average of $45.95. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The firm has a market capitalization of $45.39 billion, a PE ratio of 91.41, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

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.