Corning Incorporated (NYSE:GLW) Shares Acquired by Benedict Financial Advisors Inc.

Benedict Financial Advisors Inc. grew its stake in shares of Corning Incorporated (NYSE:GLW) by 0.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,398 shares of the electronics maker’s stock after acquiring an additional 733 shares during the quarter. Corning comprises approximately 1.1% of Benedict Financial Advisors Inc.’s investment portfolio, making the stock its 29th largest holding. Benedict Financial Advisors Inc.’s holdings in Corning were worth $4,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in Corning by 7.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 1,262,613 shares of the electronics maker’s stock valued at $57,007,000 after purchasing an additional 91,816 shares in the last quarter. PFG Investments LLC raised its stake in Corning by 5.0% in the 3rd quarter. PFG Investments LLC now owns 78,006 shares of the electronics maker’s stock worth $3,522,000 after acquiring an additional 3,725 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after acquiring an additional 1,026,626 shares during the period. NorthCrest Asset Manangement LLC lifted its position in Corning by 7.8% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 42,951 shares of the electronics maker’s stock worth $1,939,000 after acquiring an additional 3,111 shares during the period. Finally, Sageworth Trust Co acquired a new position in shares of Corning in the third quarter valued at about $519,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

NYSE GLW traded down $0.56 on Friday, hitting $46.25. The company had a trading volume of 3,955,119 shares, compared to its average volume of 5,691,504. 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 company has a market capitalization of $39.62 billion, a PE ratio of 65.14, a PEG ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 12-month low of $26.37 and a 12-month high of $47.72. The company’s fifty day moving average price is $43.74 and its 200-day moving average price is $39.68.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating 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 period last year, the company posted $0.45 EPS. Corning’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, analysts predict that Corning Incorporated will post 1.91 earnings per share for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Argus raised their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. JPMorgan Chase & Co. upped their price target on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Citigroup lifted their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

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.