Benson Investment Management Company Inc. Sells 19,188 Shares of Corning Incorporated (NYSE:GLW)

Benson Investment Management Company Inc. trimmed its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 14.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,047 shares of the electronics maker's stock after selling 19,188 shares during the quarter. Corning makes up 2.2% of Benson Investment Management Company Inc.'s investment portfolio, making the stock its 19th largest position. Benson Investment Management Company Inc.'s holdings in Corning were worth $5,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Franklin Resources Inc. grew its position in shares of Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC grew its position in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after buying an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC grew its position in shares of 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 buying an additional 57,800 shares during the last quarter. Northstar Advisory Group LLC lifted its stake in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares during the period. Finally, First Financial Bank Trust Division lifted its stake in shares of Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after purchasing an additional 29,790 shares during the period. 69.80% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of 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 legal filing with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Corning Stock Up 1.9 %

Shares of GLW stock traded up $0.87 during mid-day trading on Tuesday, hitting $47.45. The company's stock had a trading volume of 2,948,902 shares, compared to its average volume of 3,827,369. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03. The business has a 50-day moving average price of $47.91 and a 200 day moving average price of $44.85. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The stock has a market cap of $40.63 billion, a price-to-earnings ratio of 279.12, a PEG ratio of 1.54 and a beta of 1.04.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly 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. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter in the previous year, the business earned $0.45 earnings per share. The company's revenue was up 6.9% on a year-over-year basis. Research analysts predict that Corning Incorporated will post 1.95 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GLW has been the subject of a number of research analyst reports. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Barclays raised their target price on Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research note on Tuesday, December 24th. Susquehanna raised their target price on Corning from $46.00 to $55.00 and gave the company a "positive" rating in a research note on Friday, September 20th. Finally, Bank of America lifted their price objective on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $50.77.

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.