Benchmark Financial Wealth Advisors LLC Acquires 270 Shares of Corning Incorporated (NYSE:GLW)

Benchmark Financial Wealth Advisors LLC grew its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 8,478 shares of the electronics maker’s stock after purchasing an additional 270 shares during the period. Benchmark Financial Wealth Advisors LLC’s holdings in Corning were worth $383,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Radnor Capital Management LLC bought a new position in Corning during the third quarter worth $1,880,000. Cornerstone Capital Inc. raised its stake in Corning by 1.6% during the third quarter. Cornerstone Capital Inc. now owns 617,177 shares of the electronics maker’s stock worth $27,866,000 after buying an additional 9,706 shares during the last quarter. NorthRock Partners LLC bought a new stake in Corning in the third quarter valued at $215,000. Moloney Securities Asset Management LLC increased its stake in Corning by 19.9% in the third quarter. Moloney Securities Asset Management LLC now owns 79,830 shares of the electronics maker’s stock valued at $3,604,000 after purchasing an additional 13,253 shares in the last quarter. Finally, Rational Advisors LLC bought a new stake in Corning in the third quarter valued at $161,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GLW. Citigroup lifted their price target on shares of Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, Barclays lifted their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Up 0.5 %

Corning stock opened at $47.27 on Wednesday. Corning Incorporated has a fifty-two week low of $26.94 and a fifty-two week high of $51.03. The stock has a market cap of $40.47 billion, a PE ratio of 278.06, a price-to-earnings-growth ratio of 1.51 and a beta of 1.03. The firm’s 50-day simple moving average is $44.71 and its 200 day simple moving average is $40.69. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66.

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

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is 658.82%.

About Corning

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.