St. Johns Investment Management Company LLC Sells 2,707 Shares of Corning Incorporated (NYSE:GLW)

St. Johns Investment Management Company LLC lessened its position in shares of Corning Incorporated (NYSE:GLW) by 11.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 21,659 shares of the electronics maker’s stock after selling 2,707 shares during the period. St. Johns Investment Management Company LLC’s holdings in Corning were worth $660,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Peoples Bank KS acquired a new position in shares of Corning during the 3rd quarter worth about $25,000. OFI Invest Asset Management acquired a new position in shares of Corning during the 3rd quarter worth about $25,000. SRS Capital Advisors Inc. boosted its stake in shares of Corning by 232.9% during the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Corning during the 4th quarter worth about $31,000. Finally, Emfo LLC acquired a new position in shares of Corning during the 4th quarter worth about $33,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Stock Performance

NYSE:GLW traded down $0.03 during mid-day trading on Friday, reaching $34.17. 2,891,733 shares of the company’s stock were exchanged, compared to its average volume of 5,006,515. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The firm has a market capitalization of $29.27 billion, a PE ratio of 48.13, a price-to-earnings-growth ratio of 1.73 and a beta of 1.07. Corning Incorporated has a one year low of $25.26 and a one year high of $36.01. The business’s fifty day simple moving average is $32.47 and its two-hundred day simple moving average is $30.78.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, May 30th. This represents a $1.12 annualized dividend and a yield of 3.28%. Corning’s dividend payout ratio is 157.75%.

Insiders Place Their Bets

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Jeffrey W. Evenson sold 103,437 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold 239,841 shares of company stock worth $7,971,257 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective for the company. in a research note on Thursday, February 1st. Mizuho initiated coverage on Corning in a report on Tuesday. They set a “neutral” rating and a $36.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Corning from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Susquehanna reiterated a “positive” rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Finally, Morgan Stanley reissued an “overweight” rating and set a $35.00 target price on shares of Corning in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has an average rating of “Hold” and an average target price of $35.00.

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.