Corning Incorporated $GLW Stock Sold by Benedict Financial Advisors Inc.

Benedict Financial Advisors Inc. cut its position in Corning Incorporated (NYSE:GLW) by 4.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,137 shares of the electronics maker’s stock after selling 3,366 shares during the quarter. Corning makes up 2.1% of Benedict Financial Advisors Inc.’s investment portfolio, making the stock its 11th biggest holding. Benedict Financial Advisors Inc.’s holdings in Corning were worth $11,092,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in shares of Corning in the second quarter valued at approximately $1,510,911,000. State Street Corp raised its position in Corning by 13.4% in the 2nd quarter. State Street Corp now owns 41,108,384 shares of the electronics maker’s stock valued at $10,500,315,000 after purchasing an additional 4,845,027 shares during the last quarter. Legal & General Group Plc acquired a new stake in Corning during the 2nd quarter worth $1,212,283,000. Wellington Management Group LLP boosted its stake in Corning by 50.9% during the 2nd quarter. Wellington Management Group LLP now owns 13,174,194 shares of the electronics maker’s stock worth $3,365,084,000 after purchasing an additional 4,446,514 shares during the period. Finally, Bank of America Corp DE grew its position in Corning by 29.2% during the 2nd quarter. Bank of America Corp DE now owns 18,730,616 shares of the electronics maker’s stock worth $4,784,361,000 after purchasing an additional 4,231,507 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on GLW shares. Citigroup lowered their price target on Corning from $240.00 to $220.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Weiss Ratings downgraded Corning from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, August 21st. JPMorgan Chase & Co. lowered their target price on Corning from $200.00 to $170.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Mizuho dropped their target price on Corning from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, September 15th. Finally, Sanford C. Bernstein began coverage on Corning in a research note on Wednesday, September 30th. They set a “market perform” rating and a $140.00 price target for the company. Twelve investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Corning presently has an average rating of “Moderate Buy” and a consensus target price of $174.87.

Corning Price Performance

NYSE:GLW traded down $3.83 during trading hours on Wednesday, hitting $165.14. The company’s stock had a trading volume of 2,762,501 shares, compared to its average volume of 12,074,906. The business’s 50-day moving average is $154.28 and its two-hundred day moving average is $168.23. The company has a market capitalization of $142.25 billion, a PE ratio of 75.37, a PEG ratio of 2.03 and a beta of 1.13. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81. Corning Incorporated has a 52-week low of $77.39 and a 52-week high of $271.78.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.76 by $0.02. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company had revenue of $4.74 billion for the quarter, compared to analyst estimates of $4.63 billion. During the same period in the previous year, the firm earned $0.60 EPS. The business’s revenue was up 17.1% on a year-over-year basis. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts anticipate that Corning Incorporated will post 3.28 EPS for the current fiscal year.

Insider Activity at Corning

In related news, EVP Lewis Steverson sold 13,100 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is owned by company insiders.

About Corning

Corning Incorporated (NYSE: GLW) is a global materials science and technology company headquartered in Corning, New York. Founded in 1851, the company develops specialized glass, ceramics and optical technologies for customers in the communications, consumer electronics, automotive, life sciences and industrial markets.

Its Optical Communications segment supplies fiber, cable, hardware and related solutions used in telecommunications and data center networks. Corning also produces glass substrates for flat-panel displays, including televisions, monitors and other electronic devices, as well as specialty cover glass such as Gorilla Glass for mobile devices and other consumer electronics.

Additional products include automotive emissions-control substrates and filters, pharmaceutical and laboratory glassware, and advanced glass and ceramic materials used in semiconductor, aerospace, environmental and other applications.