Empirical Financial Services LLC d.b.a. Empirical Wealth Management Acquires 3,059 Shares of Corning Incorporated $GLW

Key Points

• Empirical Financial Services LLC increased its holdings in Corning Incorporated (GLW) by 2.3% in the second quarter, acquiring an additional 3,059 shares to reach a total of 137,684 shares valued at approximately $7.24 million.
• Corning's stock recently opened at $82.56, with a market cap of $70.72 billion and a PE ratio of 87.83, alongside a 52-week range between $37.31 and $84.35.
• In the latest earnings report, Corning posted an EPS of $0.60, surpassing estimates, while analysts predict an EPS of 2.33 for the current fiscal year.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Corning Incorporated (NYSE:GLW - Free Report) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,684 shares of the electronics maker's stock after buying an additional 3,059 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Corning were worth $7,241,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. River Street Advisors LLC grew its stake in shares of Corning by 77.2% in the second quarter. River Street Advisors LLC now owns 33,950 shares of the electronics maker's stock valued at $1,785,000 after buying an additional 14,787 shares in the last quarter. Hilltop National Bank bought a new position in Corning during the second quarter worth $1,161,000. OLD Second National Bank of Aurora boosted its position in Corning by 119.8% during the second quarter. OLD Second National Bank of Aurora now owns 80,687 shares of the electronics maker's stock worth $4,243,000 after purchasing an additional 43,970 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Corning by 9.9% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 88,391 shares of the electronics maker's stock worth $4,648,000 after purchasing an additional 7,953 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. boosted its position in Corning by 31.1% during the second quarter. Cornell Pochily Investment Advisors Inc. now owns 15,390 shares of the electronics maker's stock worth $809,000 after purchasing an additional 3,653 shares during the period. 69.80% of the stock is owned by institutional investors.

Corning Stock Down 0.7%

GLW stock opened at $82.56 on Friday. The company has a market cap of $70.72 billion, a PE ratio of 87.83, a price-to-earnings-growth ratio of 1.85 and a beta of 1.14. The business has a 50-day simple moving average of $70.18 and a 200 day simple moving average of $55.66. Corning Incorporated has a 52 week low of $37.31 and a 52 week high of $84.35. The company has a quick ratio of 0.93, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%.During the same quarter in the previous year, the firm earned $0.47 earnings per share. Corning has set its Q3 2025 guidance at 0.630-0.670 EPS. Sell-side analysts anticipate that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Corning from $52.00 to $65.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Wall Street Zen downgraded Corning from a "strong-buy" rating to a "hold" rating in a report on Saturday, September 13th. Mizuho boosted their target price on shares of Corning from $63.00 to $74.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Morgan Stanley set a $56.00 target price on shares of Corning and gave the company an "equal weight" rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.08.

Insiders Place Their Bets

In related news, SVP Michael Paul O'day sold 14,879 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total value of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares of the company's stock, valued at $2,228,933.48. The trade was a 29.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jaymin Amin sold 17,721 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $77.18, for a total value of $1,367,706.78. Following the completion of the transaction, the senior vice president directly owned 88,722 shares of the company's stock, valued at approximately $6,847,563.96. This trade represents a 16.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 181,671 shares of company stock valued at $11,816,899 over the last 90 days. 0.40% of the stock is owned by company insiders.

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.

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