Empirical Finance LLC Sells 328 Shares of Corning Incorporated (NYSE:GLW)

Empirical Finance LLC trimmed its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,235 shares of the electronics maker’s stock after selling 328 shares during the period. Empirical Finance LLC’s holdings in Corning were worth $1,247,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Sound Income Strategies LLC boosted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares in the last quarter. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the 3rd quarter valued at approximately $39,000. RPg Family Wealth Advisory LLC bought a new position in shares of Corning in the third quarter valued at $40,000. Finally, Union Bancaire Privee UBP SA acquired a new position in Corning during the fourth quarter worth $40,000. Institutional investors own 69.80% of the company’s stock.

Insider Activity

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The shares were 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. In the last three months, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is currently owned by company insiders.

Corning Price Performance

NYSE:GLW opened at $53.02 on Tuesday. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm’s 50-day simple moving average is $49.22 and its 200 day simple moving average is $45.95. The firm has a market cap of $45.39 billion, a price-to-earnings ratio of 91.41, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, sell-side analysts predict that Corning Incorporated will post 2.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on GLW. Citigroup increased their price target on shares of Corning from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Barclays reduced their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. UBS Group upped their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

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.