Benjamin Edwards Inc. Acquires Shares of 39,954 Corning Incorporated (NYSE:GLW)

Benjamin Edwards Inc. purchased a new position in Corning Incorporated (NYSE:GLW - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 39,954 shares of the electronics maker's stock, valued at approximately $1,804,000.

A number of other large investors have also made changes to their positions in GLW. FMR LLC grew its holdings in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. MBB Public Markets I LLC increased its holdings in Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in Corning during the second quarter valued at $511,000. Transamerica Financial Advisors Inc. increased its stake in shares of Corning by 529.6% during the third quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker's stock worth $747,000 after purchasing an additional 13,907 shares in the last quarter. Finally, National Pension Service raised its position in shares of Corning by 11.3% during the 3rd quarter. National Pension Service now owns 1,508,868 shares of the electronics maker's stock worth $68,125,000 after purchasing an additional 152,922 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 0.3 %

NYSE GLW traded down $0.13 during mid-day trading on Friday, hitting $49.63. The company's stock had a trading volume of 1,519,310 shares, compared to its average volume of 5,572,062. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. Corning Incorporated has a 52-week low of $28.76 and a 52-week high of $51.03. The stock's fifty day simple moving average is $47.13 and its two-hundred day simple moving average is $42.85. The firm has a market capitalization of $42.49 billion, a P/E ratio of 292.76, a price-to-earnings-growth ratio of 1.57 and a beta of 1.03.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. Research analysts expect that Corning Incorporated will post 1.95 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.26%. Corning's payout ratio is 658.82%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Bank of America upped their target price on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a report on Friday, September 20th. UBS Group lifted their price target 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. Oppenheimer reiterated an "outperform" rating and set a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corning presently has an average rating of "Moderate Buy" and an average target price of $50.08.

Insider Activity

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the company's stock in a transaction dated 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. Corporate insiders own 0.40% 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.