Ferguson Wellman Capital Management Inc. Purchases 778 Shares of Corning Incorporated (NYSE:GLW)

Ferguson Wellman Capital Management Inc. grew its position in shares of Corning Incorporated (NYSE:GLW) by 4.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,555 shares of the electronics maker’s stock after buying an additional 778 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Corning were worth $929,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of GLW. West Oak Capital LLC increased its holdings in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after acquiring an additional 215 shares in the last quarter. Buffington Mohr McNeal increased its holdings in shares of Corning by 2.1% during the fourth quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares in the last quarter. Sound Income Strategies LLC increased its holdings in shares of Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of Corning by 4.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after acquiring an additional 232 shares in the last quarter. Finally, Goelzer Investment Management Inc. increased its holdings in shares of Corning by 0.4% during the fourth quarter. Goelzer Investment Management Inc. now owns 65,816 shares of the electronics maker’s stock valued at $3,128,000 after acquiring an additional 236 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $53.02 on Tuesday. The firm has a market capitalization of $45.39 billion, a P/E ratio of 91.41, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock’s 50-day simple moving average is $49.22 and its two-hundred day simple moving average is $45.95. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GLW shares. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Barclays decreased their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Citigroup upped their price target on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley upped their price target on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Insiders Place Their Bets

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of the 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 disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock worth $2,345,436 in the last ninety days. 0.40% of the stock is currently owned by insiders.

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.