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

Ferguson Wellman Capital Management Inc. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 4.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 19,555 shares of the electronics maker’s stock after purchasing an additional 778 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Corning were worth $929,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sound Income Strategies LLC grew its position in Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after acquiring an additional 227 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Corning by 202.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after acquiring an additional 500 shares during the last quarter. Cassady Schiller Wealth Management LLC bought a new position in Corning during the 3rd quarter worth approximately $39,000. RPg Family Wealth Advisory LLC bought a new position in Corning during the 3rd quarter worth approximately $40,000. Finally, Union Bancaire Privee UBP SA bought a new position in Corning during the 4th quarter worth approximately $40,000. 69.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GLW has been the topic of several recent research reports. Oppenheimer restated an “outperform” rating and set a $58.00 price target (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $60.00 in a report on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Barclays dropped their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a report on Wednesday, January 29th. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Corning has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Stock Up 0.1 %

Corning stock opened at $53.02 on Tuesday. The firm has a market cap of $45.39 billion, a price-to-earnings ratio of 91.41, a PEG ratio of 1.55 and a beta of 1.03. The stock has a fifty day simple moving average of $49.22 and a two-hundred day simple moving average of $45.95. Corning Incorporated has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS 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%. Equities analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on 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. In the last quarter, insiders sold 46,085 shares of company stock valued at $2,345,436. Corporate insiders own 0.40% of the company’s stock.

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.