Empirical Finance LLC Has $1.20 Million Stock Position in Corning Incorporated (NYSE:GLW)

Empirical Finance LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,563 shares of the electronics maker’s stock after purchasing an additional 597 shares during the quarter. Empirical Finance LLC’s holdings in Corning were worth $1,199,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. MBB Public Markets I LLC grew its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Corning in the 2nd quarter valued at approximately $511,000. National Pension Service grew its holdings in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock valued at $68,125,000 after purchasing an additional 152,922 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in Corning during the 3rd quarter worth approximately $5,705,000. Finally, Jackson Square Capital LLC bought a new position in Corning in the 3rd quarter valued at approximately $990,000. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the subject of several research analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a report on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and increased their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Down 0.6 %

NYSE:GLW opened at $46.49 on Friday. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The firm’s fifty day moving average is $45.74 and its 200-day moving average is $41.53. The firm has a market cap of $39.81 billion, a P/E ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts expect that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Corning 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.