Ferguson Wellman Capital Management Inc. Has $757,000 Holdings in Corning Incorporated (NYSE:GLW)

Ferguson Wellman Capital Management Inc. cut its holdings in shares of Corning Incorporated (NYSE:GLW) by 10.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,775 shares of the electronics maker’s stock after selling 2,047 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in Corning were worth $757,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in GLW. City Holding Co. lifted its position in shares of Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Access Investment Management LLC bought a new stake in Corning during the first quarter worth about $28,000. Future Financial Wealth Managment LLC acquired a new stake in Corning during the first quarter worth about $33,000. Register Financial Advisors LLC bought a new position in Corning in the 1st quarter valued at about $33,000. Finally, ESL Trust Services LLC acquired a new position in shares of Corning in the 1st quarter valued at approximately $33,000. 69.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GLW has been the topic of several analyst reports. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Oppenheimer boosted their price target on Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Susquehanna boosted their target price on Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research note on Friday, September 20th. Bank of America raised their price target on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Stock Up 0.3 %

Shares of NYSE:GLW opened at $46.66 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning Incorporated has a 52-week low of $25.26 and a 52-week high of $47.45. The business’s 50 day simple moving average is $43.16 and its two-hundred day simple moving average is $39.32. The firm has a market cap of $39.93 billion, a P/E ratio of 93.32, a PEG ratio of 1.74 and a beta of 1.04.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.45 earnings per share. As a group, research analysts forecast that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Corning’s dividend payout ratio is currently 224.00%.

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.