Corning Incorporated (NYSE:GLW) Shares Sold by St. Johns Investment Management Company LLC

St. Johns Investment Management Company LLC cut its holdings in Corning Incorporated (NYSE:GLW) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,314 shares of the electronics maker’s stock after selling 1,403 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Corning were worth $870,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. FMR LLC raised its holdings in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after buying an additional 1,285,836 shares during the period. State Street Corp raised its holdings in shares of Corning by 3.8% during the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after acquiring an additional 1,242,718 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock valued at $75,740,000 after acquiring an additional 1,145,955 shares in the last quarter. Pathway Financial Advisers LLC boosted its stake in Corning by 4,306.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after purchasing an additional 1,026,626 shares during the period. Finally, Shellback Capital LP purchased a new position in Corning during the 2nd quarter worth approximately $34,483,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Down 0.1 %

GLW stock opened at $53.96 on Friday. The stock has a market capitalization of $46.20 billion, a price-to-earnings ratio of 317.40, a price-to-earnings-growth ratio of 1.46 and a beta of 1.04. The company has a 50-day moving average of $48.18 and a two-hundred day moving average of $45.36. Corning Incorporated has a 52-week low of $30.31 and a 52-week high of $54.53. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business earned $0.45 earnings per share. Corning’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Corning Incorporated will post 1.95 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on GLW shares. StockNews.com upgraded Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. JPMorgan Chase & Co. raised their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a report on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Finally, UBS Group boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $51.31.

Insiders Place Their Bets

In other Corning news, SVP John P. Bayne, Jr. sold 8,876 shares of Corning stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Company 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.