Benjamin F. Edwards & Company Inc. Grows Stock Position in Corning Incorporated (NYSE:GLW)

Benjamin F. Edwards & Company Inc. boosted its stake in shares of Corning Incorporated (NYSE:GLW) by 9.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,571 shares of the electronics maker’s stock after purchasing an additional 2,969 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Corning were worth $1,053,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its holdings in Corning by 2.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 109,977 shares of the electronics maker’s stock worth $3,351,000 after purchasing an additional 2,308 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Corning by 9.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 269,980 shares of the electronics maker’s stock worth $8,226,000 after purchasing an additional 24,225 shares in the last quarter. Stratos Wealth Partners LTD. raised its holdings in Corning by 152.3% during the third quarter. Stratos Wealth Partners LTD. now owns 21,262 shares of the electronics maker’s stock worth $648,000 after purchasing an additional 12,836 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Corning by 19.4% during the third quarter. Lindbrook Capital LLC now owns 8,651 shares of the electronics maker’s stock worth $264,000 after purchasing an additional 1,408 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its holdings in Corning by 4.4% during the third quarter. Verdence Capital Advisors LLC now owns 18,224 shares of the electronics maker’s stock worth $555,000 after purchasing an additional 771 shares in the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Activity at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,988 shares of company stock valued at $3,984,964. Company insiders own 0.45% of the company’s stock.

Corning Stock Down 0.8 %

GLW stock opened at $33.44 on Tuesday. The company has a market cap of $28.65 billion, a P/E ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $36.01. The company’s 50-day moving average price is $32.38 and its 200 day moving average price is $30.69. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, research analysts expect that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Friday, May 31st. Corning’s payout ratio is 157.75%.

Analyst Ratings Changes

Several research analysts have commented on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $35.00 price target on shares of Corning in a research report on Monday, April 22nd. StockNews.com upgraded shares of Corning from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. UBS Group raised their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Mizuho began coverage on shares of Corning in a report on Tuesday. They issued a “neutral” rating and a $36.00 target price for the company. Finally, JPMorgan Chase & Co. raised their price target on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.00.

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.