Empire Financial Management Company LLC Buys Shares of 5,076 Corning Incorporated (NYSE:GLW)

Empire Financial Management Company LLC acquired a new stake in Corning Incorporated (NYSE:GLW) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,076 shares of the electronics maker’s stock, valued at approximately $229,000.

Other institutional investors and hedge funds have also modified their holdings of the company. M&G Plc purchased a new position in shares of Corning during the 2nd quarter worth $1,484,000. Great Valley Advisor Group Inc. purchased a new stake in shares of Corning during the 2nd quarter valued at $223,000. AdvisorNet Financial Inc increased its holdings in shares of Corning by 42.8% during the 2nd quarter. AdvisorNet Financial Inc now owns 6,141 shares of the electronics maker’s stock worth $239,000 after buying an additional 1,841 shares during the last quarter. 180 Wealth Advisors LLC purchased a new stake in Corning during the second quarter valued at about $597,000. Finally, SteelPeak Wealth LLC acquired a new position in shares of Corning in the 2nd quarter valued at about $281,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on GLW. UBS Group raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $44.00 to $47.00 in a research report on Wednesday, August 21st. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price target (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Stock Down 0.3 %

Shares of NYSE:GLW opened at $48.37 on Wednesday. The company’s fifty day moving average is $47.29 and its two-hundred day moving average is $43.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 1-year low of $29.14 and a 1-year high of $51.03. The stock has a market capitalization of $41.41 billion, a price-to-earnings ratio of 284.53, a price-to-earnings-growth ratio of 1.58 and a beta of 1.03.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio is presently 658.82%.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. Corporate insiders own 0.45% of the company’s stock.

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.