Benedict Financial Advisors Inc. decreased its position in Corning Inc. (NYSE:GLW) by 2.9% during the second quarter, Holdings Channel reports. The institutional investor owned 14,619 shares of the company’s stock after selling 432 shares during the period. Benedict Financial Advisors Inc.’s holdings in Corning were worth $297,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in GLW. Lumbard & Kellner LLC boosted its position in shares of Corning by 0.9% in the first quarter. Lumbard & Kellner LLC now owns 232,331 shares of the company’s stock worth $4,853,000 after buying an additional 2,065 shares in the last quarter. Associated Banc Corp boosted its position in shares of Corning by 0.3% in the first quarter. Associated Banc Corp now owns 162,090 shares of the company’s stock worth $3,386,000 after buying an additional 463 shares in the last quarter. Ropes Wealth Advisors LLC boosted its position in shares of Corning by 160.1% in the first quarter. Ropes Wealth Advisors LLC now owns 23,705 shares of the company’s stock worth $495,000 after buying an additional 14,592 shares in the last quarter. LVW Advisors LLC acquired a new position in shares of Corning during the first quarter worth approximately $203,000. Finally, Picton Mahoney Asset Management acquired a new position in shares of Corning during the first quarter worth approximately $10,998,000. Hedge funds and other institutional investors own 73.63% of the company’s stock.
Shares of Corning Inc. (NYSE:GLW) traded up 0.04% during trading on Monday, hitting $23.66. 8,666,695 shares of the stock traded hands. Corning Inc. has a 1-year low of $16.13 and a 1-year high of $23.81. The firm has a market capitalization of $24.53 billion, a price-to-earnings ratio of 13.04 and a beta of 1.33. The firm has a 50-day moving average of $22.85 and a 200-day moving average of $21.14.
Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Corning Inc. will post $1.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, August 31st were paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.28%. The ex-dividend date was Monday, August 29th. Corning’s payout ratio is 29.51%.
A number of research analysts have commented on the stock. Deutsche Bank AG restated a “buy” rating on shares of Corning in a research note on Monday. Zacks Investment Research cut shares of Corning from a “hold” rating to a “sell” rating in a research note on Monday. Susquehanna reiterated a “positive” rating and issued a $27.00 target price (up previously from $25.00) on shares of Corning in a research note on Wednesday, September 28th. Bank of America Corp. reiterated a “sell” rating and issued a $17.50 target price on shares of Corning in a research note on Wednesday, September 21st. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of C$21.98.
In related news, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the transaction, the chief executive officer now owns 68,250 shares of the company’s stock, valued at approximately C$1,515,832.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Martin J. Curran sold 9,000 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the completion of the transaction, the vice president now directly owns 25,052 shares of the company’s stock, valued at approximately C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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