Benson Investment Management Company Inc. Lowers Stake in Corning Incorporated (NYSE:GLW)

Benson Investment Management Company Inc. trimmed its position in shares of Corning Incorporated (NYSE:GLW) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 132,235 shares of the electronics maker’s stock after selling 9,184 shares during the period. Corning accounts for approximately 2.4% of Benson Investment Management Company Inc.’s portfolio, making the stock its 10th largest holding. Benson Investment Management Company Inc.’s holdings in Corning were worth $5,970,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. City Holding Co. grew its stake in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the period. Access Investment Management LLC purchased a new stake in Corning during the first quarter valued at about $28,000. Future Financial Wealth Managment LLC bought a new position in Corning during the first quarter worth about $33,000. Register Financial Advisors LLC bought a new position in Corning during the first quarter worth about $33,000. Finally, ESL Trust Services LLC purchased a new position in shares of Corning in the first quarter worth about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 0.8 %

Shares of GLW opened at $46.85 on Tuesday. Corning Incorporated has a 1-year low of $25.26 and a 1-year high of $47.45. The company has a market capitalization of $40.13 billion, a P/E ratio of 65.99, a P/E/G ratio of 1.72 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The firm’s 50 day simple moving average is $42.52 and its 200 day simple moving average is $38.99.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. Sell-side analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft lifted their price target on Corning from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Monday, June 17th. Barclays raised their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Susquehanna upped their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a research report on Friday, September 20th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.23.

Corning Company 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.