Envestnet Asset Management Inc. Has $58.79 Million Position in Corning Incorporated (NYSE:GLW)

Envestnet Asset Management Inc. lifted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 15.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,284,083 shares of the electronics maker's stock after buying an additional 172,821 shares during the quarter. Envestnet Asset Management Inc. owned about 0.15% of Corning worth $58,785,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vermillion Wealth Management Inc. bought a new position in shares of Corning in the fourth quarter worth about $29,000. Putney Financial Group LLC acquired a new stake in shares of Corning in the fourth quarter valued at approximately $30,000. Transce3nd LLC bought a new position in Corning in the 4th quarter worth approximately $39,000. ORG Partners LLC lifted its holdings in Corning by 115.8% during the 1st quarter. ORG Partners LLC now owns 887 shares of the electronics maker's stock worth $40,000 after buying an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC bought a new position in Corning in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 69.80% of the company's stock.

Corning Price Performance

Shares of GLW stock opened at $51.58 on Friday. The firm has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11. Corning Incorporated has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $49.87 and a 200-day moving average of $48.26.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. Corning's revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts forecast that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.17%. Corning's payout ratio is 215.38%.

Analyst Ratings Changes

A number of research firms have recently weighed in on GLW. Wolfe Research started coverage on Corning in a research report on Tuesday. They set an "outperform" rating for the company. Oppenheimer dropped their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Bank of America raised their target price on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Citigroup boosted their price target on shares of Corning from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.73.

Insiders Place Their Bets

In other Corning news, SVP Stefan Becker sold 17,106 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president owned 16,117 shares in the company, valued at approximately $800,692.56. The trade was a 51.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock worth $3,632,635 in the last ninety days. 0.40% 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.

Want to see what other hedge funds are holding GLW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corning Incorporated (NYSE:GLW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.