Ferguson Wellman Capital Management Inc. Sells 1,072 Shares of Corning Incorporated (NYSE:GLW)

Posted by Defense World Staff on Mar 23rd, 2023

Ferguson Wellman Capital Management Inc. lowered its position in Corning Incorporated (NYSE:GLW – Get Rating) by 5.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,120 shares of the electronics maker’s stock after selling 1,072 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Corning were worth $547,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Chilton Capital Management LLC bought a new position in shares of Corning in the second quarter valued at approximately $32,000. Standard Family Office LLC bought a new position in Corning in the 3rd quarter worth approximately $29,000. CI Investments Inc. raised its position in Corning by 981.9% in the 3rd quarter. CI Investments Inc. now owns 1,017 shares of the electronics maker’s stock worth $30,000 after purchasing an additional 923 shares during the last quarter. Accurate Wealth Management LLC bought a new position in Corning in the 4th quarter worth approximately $39,000. Finally, Core Alternative Capital raised its position in Corning by 488.3% in the 3rd quarter. Core Alternative Capital now owns 1,206 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Institutional investors own 67.79% of the company’s stock.

Corning Price Performance

Shares of GLW stock opened at $32.77 on Thursday. Corning Incorporated has a 12-month low of $28.98 and a 12-month high of $38.71. The firm has a market capitalization of $27.76 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.28 and a beta of 1.07. The company has a quick ratio of 0.88, a current ratio of 1.44 and a debt-to-equity ratio of 0.54. The firm has a fifty day moving average of $34.94 and a 200-day moving average of $33.34.

Corning (NYSE:GLW – Get Rating) last announced its quarterly earnings results on Tuesday, January 31st. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.03. The company had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.54 billion. Corning had a net margin of 9.27% and a return on equity of 14.82%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 EPS. On average, equities research analysts forecast that Corning Incorporated will post 2.01 earnings per share for the current year.

Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Tuesday, February 28th will be given a $0.28 dividend. This is a boost from Corning’s previous quarterly dividend of $0.27. This represents a $1.12 annualized dividend and a yield of 3.42%. The ex-dividend date is Monday, February 27th. Corning’s payout ratio is currently 72.73%.

Analysts Set New Price Targets

GLW has been the subject of several research analyst reports. UBS Group boosted their price objective on shares of Corning from $37.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, January 11th. Morgan Stanley dropped their price objective on shares of Corning from $36.00 to $35.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 13th. Susquehanna boosted their price objective on shares of Corning from $39.00 to $40.00 and gave the stock a “positive” rating in a research report on Thursday, February 2nd. Credit Suisse Group lowered their target price on shares of Corning from $41.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 1st. Finally, JPMorgan Chase & Co. lowered their target price on shares of Corning from $44.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, December 20th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $37.78.

Insider Activity at Corning

In related news, insider Li Fang sold 19,909 shares of the business’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total value of $700,199.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP John Z. Zhang sold 4,655 shares of the company’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $36.00, for a total value of $167,580.00. Following the sale, the vice president now directly owns 5,744 shares of the company’s stock, valued at approximately $206,784. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Li Fang sold 19,909 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $35.17, for a total transaction of $700,199.53. The disclosure for this sale can be found here. 0.36% of the stock is currently owned by insiders.

Corning Profile

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Corning, Inc engages in the provision of glass for notebook computers, flat panel desktop monitors, display televisions, and other information display applications, carrier network and enterprise network products for the telecommunications industry, ceramic substrates for gasoline and diesel engines in automotive and heavy-duty vehicle markets, laboratory products for the scientific community and polymer products for biotechnology applications, optical materials for the semiconductor industry and the scientific community, and polycrystalline silicon products and other technologies.