St. Johns Investment Management Company LLC reduced its holdings in Corning Incorporated (NYSE:GLW) by 8.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 20,227 shares of the electronics maker’s stock after selling 1,768 shares during the period. St. Johns Investment Management Company LLC’s holdings in Corning were worth $714,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Moody Aldrich Partners LLC purchased a new stake in Corning in the 2nd quarter worth about $51,526,000. TRUE Private Wealth Advisors purchased a new stake in Corning in the 3rd quarter worth about $100,000. NEXT Financial Group Inc purchased a new stake in Corning in the 3rd quarter worth about $117,000. Founders Capital Management purchased a new stake in Corning in the 2nd quarter worth about $105,000. Finally, Private Capital Group LLC raised its stake in shares of Corning by 1,455.7% during the 1st quarter. Private Capital Group LLC now owns 3,936 shares of the electronics maker’s stock worth $110,000 after purchasing an additional 3,683 shares in the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.
Shares of GLW traded up $0.05 during midday trading on Monday, reaching $30.83. 493,014 shares of the stock were exchanged, compared to its average volume of 5,528,844. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.23 and a quick ratio of 1.58. The company has a market capitalization of $24.93 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 2.17 and a beta of 1.35.
Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, July 25th. The electronics maker reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. Corning had a positive return on equity of 12.03% and a negative net margin of 8.32%. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period last year, the business earned $0.42 EPS. The business’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities research analysts expect that Corning Incorporated will post 1.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, November 15th. Corning’s payout ratio is 41.86%.
In related news, CEO Wendell P. Weeks sold 237,470 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $32.87, for a total value of $7,805,638.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider R Tony Tripeny sold 67,659 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $33.00, for a total value of $2,232,747.00. The disclosure for this sale can be found here. Insiders sold a total of 414,272 shares of company stock worth $13,759,300 over the last three months. 0.46% of the stock is owned by company insiders.
A number of research firms have recently weighed in on GLW. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday. UBS Group set a $36.00 price target on Corning and gave the stock a “hold” rating in a research note on Wednesday, September 26th. Argus raised their price target on Corning from $36.00 to $42.00 and gave the stock a “positive” rating in a research note on Thursday, September 20th. Citigroup raised Corning from a “neutral” rating to a “buy” rating and raised their price target for the stock from $32.50 to $40.00 in a research note on Friday, September 14th. Finally, TheStreet raised Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $35.70.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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