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

Empirical Finance LLC raised its holdings in Corning Incorporated (NYSE:GLW) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,563 shares of the electronics maker’s stock after buying an additional 597 shares during the period. Empirical Finance LLC’s holdings in Corning were worth $1,199,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corning by 4.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock worth $401,826,000 after purchasing an additional 426,864 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Corning by 0.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,936,928 shares of the electronics maker’s stock valued at $87,452,000 after buying an additional 10,311 shares in the last quarter. Natixis increased its holdings in Corning by 2,405.2% during the first quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after buying an additional 1,735,638 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GLW has been the subject of a number of analyst reports. UBS Group lifted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Oppenheimer reissued an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, StockNews.com raised Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.08.

Corning Price Performance

NYSE:GLW opened at $46.49 on Friday. 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 has a market cap of $39.81 billion, a price-to-earnings ratio of 273.47, a P/E/G ratio of 1.49 and a beta of 1.03. Corning Incorporated has a 52 week low of $27.57 and a 52 week high of $51.03. The firm’s 50-day simple moving average is $45.74 and its 200 day simple moving average is $41.53.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share 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 company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the business earned $0.45 earnings per share. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Corning Announces Dividend

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

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.