Corning Incorporated (NYSE:GLW) Stake Lowered by Benson Investment Management Company Inc.

Benson Investment Management Company Inc. reduced its position in Corning Incorporated (NYSE:GLW - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 102,302 shares of the electronics maker's stock after selling 10,745 shares during the quarter. Corning makes up about 2.0% of Benson Investment Management Company Inc.'s investment portfolio, making the stock its 25th biggest holding. Benson Investment Management Company Inc.'s holdings in Corning were worth $4,683,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new stake in shares of Corning during the 4th quarter valued at approximately $302,000. Brighton Jones LLC increased its stake in Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after purchasing an additional 2,114 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in shares of Corning by 5.3% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,965 shares of the electronics maker's stock worth $1,234,000 after purchasing an additional 1,303 shares during the period. Spire Wealth Management raised its holdings in shares of Corning by 17.8% during the fourth quarter. Spire Wealth Management now owns 13,302 shares of the electronics maker's stock worth $632,000 after purchasing an additional 2,014 shares during the period. Finally, Greenleaf Trust lifted its position in shares of Corning by 4.4% in the 4th quarter. Greenleaf Trust now owns 9,682 shares of the electronics maker's stock worth $460,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of NYSE:GLW traded up $0.09 during trading on Thursday, reaching $50.85. The company had a trading volume of 3,484,588 shares, compared to its average volume of 5,970,322. The firm's fifty day moving average is $45.07 and its 200 day moving average is $47.63. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The firm has a market capitalization of $43.55 billion, a PE ratio of 87.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.09. Corning Incorporated has a twelve month low of $36.58 and a twelve month high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 15.10% and a net margin of 3.86%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company posted $0.38 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. On average, equities analysts forecast that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, May 30th. Corning's payout ratio is currently 215.38%.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This trade represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,796 shares of company stock worth $3,632,635. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GLW. Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. lowered their price objective on Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Oppenheimer reduced their price target on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $53.08.

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.