Ferguson Wellman Capital Management Inc. held its stake in shares of Corning Incorporated (NYSE:GLW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,575 shares of the electronics maker’s stock at the end of the second quarter. Ferguson Wellman Capital Management Inc.’s holdings in Corning were worth $558,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Central Bank & Trust Co. boosted its stake in shares of Corning by 515.2% in the first quarter. Central Bank & Trust Co. now owns 3,919 shares of the electronics maker’s stock valued at $106,000 after buying an additional 3,282 shares during the period. Coconut Grove Bank boosted its stake in shares of Corning by 92.8% in the first quarter. Coconut Grove Bank now owns 3,990 shares of the electronics maker’s stock valued at $108,000 after buying an additional 1,920 shares during the period. Jacobus Wealth Management Inc. purchased a new stake in shares of Corning during the first quarter valued at $108,000. Clean Yield Group purchased a new stake in shares of Corning during the first quarter valued at $122,000. Finally, Global X Management Co. LLC boosted its stake in shares of Corning by 30.4% in the first quarter. Global X Management Co. LLC now owns 6,997 shares of the electronics maker’s stock valued at $189,000 after buying an additional 1,631 shares during the period. 73.87% of the stock is currently owned by hedge funds and other institutional investors.
Corning Incorporated (NYSE GLW) opened at 27.87 on Friday. The stock’s 50 day moving average is $30.07 and its 200-day moving average is $28.59. Corning Incorporated has a 12 month low of $22.14 and a 12 month high of $32.17. The stock has a market capitalization of $25.17 billion, a price-to-earnings ratio of 12.45 and a beta of 1.40.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 EPS. On average, equities research analysts expect that Corning Incorporated will post $1.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, August 29th. Corning’s dividend payout ratio is presently 27.93%.
GLW has been the topic of several analyst reports. Zacks Investment Research raised shares of Corning from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Friday, April 21st. ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Deutsche Bank AG reissued a “buy” rating and set a $33.00 price objective (up previously from $30.00) on shares of Corning in a report on Saturday, April 29th. Vetr raised shares of Corning from a “sell” rating to a “buy” rating and set a $33.69 price objective on the stock in a report on Wednesday, June 28th. Finally, BidaskClub cut shares of Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $28.08.
In other Corning news, insider Lisa Ferrero sold 56,500 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $29.09, for a total value of $1,643,585.00. Following the sale, the insider now directly owns 16,808 shares of the company’s stock, valued at $488,944.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $29.58, for a total value of $4,540,530.00. Following the completion of the sale, the chief executive officer now directly owns 76,750 shares in the company, valued at $2,270,265. The disclosure for this sale can be found here. Insiders sold 357,700 shares of company stock worth $10,519,405 over the last ninety days. 0.59% of the stock is owned by corporate insiders.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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