Benedict Financial Advisors Inc. Has $5.03 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Benedict Financial Advisors Inc. increased its holdings in shares of Corning Incorporated (NYSE:GLW) by 1.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 105,940 shares of the electronics maker’s stock after purchasing an additional 1,542 shares during the period. Corning makes up 1.2% of Benedict Financial Advisors Inc.’s holdings, making the stock its 26th biggest holding. Benedict Financial Advisors Inc.’s holdings in Corning were worth $5,034,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. FMR LLC boosted its stake in shares of Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. State Street Corp grew its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock worth $1,534,337,000 after purchasing an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Corning by 215.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC increased its stake in shares of Corning by 4,306.9% in the third quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock valued at $47,428,000 after buying an additional 1,026,626 shares during the period. Finally, Conning Inc. raised its holdings in Corning by 14,556.8% in the 3rd quarter. Conning Inc. now owns 881,019 shares of the electronics maker’s stock valued at $39,778,000 after buying an additional 875,008 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total value of $110,162.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now owns 6,700 shares of the company’s stock, valued at $324,213. This trade represents a 42.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Corning Price Performance

GLW stock opened at $52.99 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The company’s 50-day moving average is $49.22 and its 200-day moving average is $45.93. The stock has a market capitalization of $45.37 billion, a PE ratio of 91.36, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning Incorporated has a 1 year low of $30.72 and a 1 year high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. Equities research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. HSBC upgraded shares of Corning from a “hold” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their price objective on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Corning has an average rating of “Moderate Buy” and an average target price of $53.00.

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.