Empirical Financial Services LLC d.b.a. Empirical Wealth Management Buys 5,658 Shares of Corning Incorporated (NYSE:GLW)

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Corning Incorporated (NYSE:GLW) by 15.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,810 shares of the electronics maker’s stock after buying an additional 5,658 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Corning were worth $1,273,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Lincoln National Corp lifted its position in shares of Corning by 5.3% during the 4th quarter. Lincoln National Corp now owns 25,638 shares of the electronics maker’s stock worth $781,000 after buying an additional 1,287 shares during the last quarter. Spire Wealth Management increased its stake in Corning by 197.9% in the fourth quarter. Spire Wealth Management now owns 26,593 shares of the electronics maker’s stock valued at $809,000 after purchasing an additional 17,666 shares in the last quarter. Sapient Capital LLC acquired a new position in shares of Corning during the fourth quarter worth approximately $314,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Corning by 9.4% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 34,571 shares of the electronics maker’s stock worth $1,053,000 after purchasing an additional 2,969 shares during the last quarter. Finally, Natixis Advisors L.P. lifted its position in shares of Corning by 29.6% during the fourth quarter. Natixis Advisors L.P. now owns 131,323 shares of the electronics maker’s stock valued at $3,998,000 after purchasing an additional 30,001 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, VP Jeffrey W. Evenson sold 103,437 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the sale, the vice president now owns 70,110 shares in the company, valued at $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $33.19, for a total value of $3,433,074.03. Following the transaction, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. Insiders sold 239,841 shares of company stock worth $7,971,257 over the last three months. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

GLW has been the subject of several research reports. Susquehanna reiterated a “positive” rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. Mizuho started coverage on Corning in a report on Tuesday. They set a “neutral” rating and a $36.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. HSBC lowered shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target for the company. in a research note on Thursday, February 1st. Finally, StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $35.00.

Corning Price Performance

Corning stock traded up $0.44 during mid-day trading on Wednesday, hitting $33.86. 995,076 shares of the company were exchanged, compared to its average volume of 4,816,608. The business’s 50 day simple moving average is $32.40 and its two-hundred day simple moving average is $30.74. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. The company has a market capitalization of $29.01 billion, a P/E ratio of 47.08, a PEG ratio of 1.70 and a beta of 1.07. Corning Incorporated has a 12-month low of $25.26 and a 12-month high of $36.01.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Analysts forecast that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 dividend on an annualized basis and a yield of 3.31%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

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.