Empower Advisory Group LLC Acquires 15,754 Shares of Corning Incorporated (NYSE:GLW)

Empower Advisory Group LLC boosted its stake in shares of Corning Incorporated (NYSE:GLWFree Report) by 181.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,438 shares of the electronics maker’s stock after purchasing an additional 15,754 shares during the quarter. Empower Advisory Group LLC’s holdings in Corning were worth $745,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. IFM Investors Pty Ltd boosted its position in shares of Corning by 9.0% in the 2nd quarter. IFM Investors Pty Ltd now owns 156,703 shares of the electronics maker’s stock worth $5,491,000 after purchasing an additional 12,994 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Corning by 12.1% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 344,473 shares of the electronics maker’s stock worth $12,070,000 after purchasing an additional 37,168 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Corning by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,883,126 shares of the electronics maker’s stock worth $240,199,000 after purchasing an additional 490,638 shares in the last quarter. California Public Employees Retirement System lifted its stake in shares of Corning by 9.2% during the third quarter. California Public Employees Retirement System now owns 4,486,974 shares of the electronics maker’s stock worth $136,718,000 after buying an additional 377,459 shares during the period. Finally, OLD National Bancorp IN lifted its stake in shares of Corning by 41.8% during the second quarter. OLD National Bancorp IN now owns 16,394 shares of the electronics maker’s stock worth $574,000 after buying an additional 4,836 shares during the period. Institutional investors own 67.74% of the company’s stock.

Insider Activity at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 18,200 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $30.15, for a total transaction of $548,730.00. Following the transaction, the insider now directly owns 205,258 shares in the company, valued at $6,188,528.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on GLW. JPMorgan Chase & Co. lowered their price objective on shares of Corning from $36.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, October 25th. Oppenheimer reduced their target price on Corning from $42.00 to $37.00 and set an “outperform” rating for the company in a research note on Wednesday, October 25th. UBS Group raised their target price on Corning from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft downgraded Corning from a “buy” rating to a “hold” rating and decreased their target price for the company from $37.00 to $30.00 in a research report on Wednesday, October 25th. Finally, Barclays decreased their target price on shares of Corning from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 25th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and an average target price of $34.11.

Get Our Latest Analysis on GLW

Corning Stock Up 0.2 %

Shares of Corning stock traded up $0.05 during trading hours on Friday, hitting $30.87. The company had a trading volume of 4,596,589 shares, compared to its average volume of 4,795,249. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.70 and a quick ratio of 1.08. The company’s 50-day moving average is $29.73 and its two-hundred day moving average is $30.51. The company has a market cap of $26.34 billion, a P/E ratio of 45.32, a price-to-earnings-growth ratio of 10.31 and a beta of 1.10. Corning Incorporated has a twelve month low of $25.26 and a twelve month high of $37.10.

Corning (NYSE:GLWGet Free Report) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.51 billion. Corning had a net margin of 4.50% and a return on equity of 12.73%. The company’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period last year, the business earned $0.51 earnings per share. Analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.

Corning Profile

(Free Report)

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. 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.

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Institutional Ownership by Quarter for Corning (NYSE:GLW)

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