Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 85,639 Shares of Corning Incorporated (NYSE:GLW)

Key Points

• Empirical Financial Services LLC increased its holdings in Corning Incorporated by 174.8% during the first quarter, owning a total of 134,625 shares worth approximately $6.16 million.
• Corning recently reported an earnings per share (EPS) of $0.60, exceeding analyst estimates of $0.57, alongside revenues of $3.86 billion for the quarter.
• The company declared a quarterly dividend of $0.28 per share to be paid on September 29th, reflecting an annualized dividend yield of 1.79%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 174.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,625 shares of the electronics maker's stock after purchasing an additional 85,639 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Corning were worth $6,163,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in GLW. Polar Capital Holdings Plc acquired a new stake in Corning in the fourth quarter valued at approximately $124,253,000. Mariner LLC raised its holdings in shares of Corning by 134.0% during the 4th quarter. Mariner LLC now owns 3,869,358 shares of the electronics maker's stock valued at $183,867,000 after purchasing an additional 2,215,840 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Corning by 101.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,951,938 shares of the electronics maker's stock valued at $135,140,000 after purchasing an additional 1,483,151 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Corning by 3,441.4% in the first quarter. SG Americas Securities LLC now owns 1,190,359 shares of the electronics maker's stock worth $54,495,000 after purchasing an additional 1,156,746 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new position in Corning during the fourth quarter worth $45,753,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of GLW stock traded down $1.21 during mid-day trading on Friday, reaching $62.03. The stock had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. Corning Incorporated has a one year low of $37.18 and a one year high of $63.91. The firm has a market cap of $53.13 billion, a PE ratio of 27.58, a P/E/G ratio of 1.59 and a beta of 1.08. The firm's 50 day simple moving average is $52.73 and its 200 day simple moving average is $49.18. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same period last year, the business earned $0.47 earnings per share. On average, analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio (DPR) is 119.15%.

Insider Buying and Selling at Corning

In related news, SVP Stefan Becker sold 17,106 shares of Corning stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the transaction, the senior vice president directly owned 16,117 shares of the company's stock, valued at $800,692.56. This trade represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the sale, the senior vice president directly owned 35,743 shares in the company, valued at $2,228,933.48. This represents a 29.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,381 shares of company stock worth $7,836,789 over the last three months. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Susquehanna reiterated a "positive" rating and set a $75.00 price target (up previously from $60.00) on shares of Corning in a research note on Wednesday. Oppenheimer reaffirmed an "outperform" rating and set a $72.00 target price (up previously from $55.00) on shares of Corning in a research report on Wednesday. Citigroup lifted their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Morgan Stanley set a $56.00 price objective on shares of Corning and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Wolfe Research started coverage on shares of Corning in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.25.

About Corning

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.