Envestnet Portfolio Solutions Inc. Acquires 5,608 Shares of Corning Incorporated (NYSE:GLW)

Envestnet Portfolio Solutions Inc. boosted its holdings in Corning Incorporated (NYSE:GLW) by 30.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,818 shares of the electronics maker’s stock after buying an additional 5,608 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Corning were worth $1,132,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC lifted its position in Corning by 76.7% during the fourth quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock valued at $25,000 after purchasing an additional 227 shares during the period. Sierra Ocean LLC bought a new position in shares of Corning during the 4th quarter valued at $25,000. Asset Planning Inc purchased a new position in shares of Corning in the 4th quarter worth $29,000. Mainstream Capital Management LLC purchased a new stake in Corning during the fourth quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton boosted its position in Corning by 202.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 747 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 500 shares during the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.4 %

Shares of GLW opened at $48.49 on Friday. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The company has a market cap of $41.53 billion, a P/E ratio of 83.60, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a twelve month low of $30.72 and a twelve month high of $55.33. The company’s fifty day simple moving average is $49.91 and its 200-day simple moving average is $47.67.

Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 28th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, February 28th. Corning’s payout ratio is currently 193.10%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res raised Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Morgan Stanley lifted their price objective on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

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.