St. Johns Investment Management Company LLC Sells 1,858 Shares of Corning Incorporated (NYSE:GLW)

St. Johns Investment Management Company LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,717 shares of the electronics maker’s stock after selling 1,858 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Corning were worth $890,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GLW. Park Avenue Securities LLC acquired a new stake in shares of Corning in the 1st quarter worth $252,000. Sunbelt Securities Inc. increased its holdings in shares of Corning by 92.0% during the first quarter. Sunbelt Securities Inc. now owns 9,600 shares of the electronics maker’s stock valued at $316,000 after acquiring an additional 4,600 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Corning in the 1st quarter valued at approximately $33,000. Register Financial Advisors LLC acquired a new stake in Corning in the 1st quarter worth approximately $33,000. Finally, Merrion Investment Management Co LLC grew its position in Corning by 1.4% during the 1st quarter. Merrion Investment Management Co LLC now owns 49,800 shares of the electronics maker’s stock worth $1,641,000 after purchasing an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GLW. Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Hsbc Global Res upgraded Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Barclays lifted their price objective on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 31st. Finally, Argus increased their price target on Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $47.23.

Corning Stock Down 1.2 %

GLW opened at $46.25 on Friday. The company has a market cap of $39.62 billion, a PE ratio of 65.14, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The company has a 50-day moving average price of $43.74 and a 200 day moving average price of $39.68. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the business posted $0.45 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. Sell-side analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The firm 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 dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

About Corning

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.