Envestnet Portfolio Solutions Inc. Has $751,000 Stake in Corning Incorporated (NYSE:GLW)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,409 shares of the electronics maker's stock after selling 7,409 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Corning were worth $751,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. LMR Partners LLP boosted its holdings in shares of Corning by 140.1% during the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares during the period. Assetmark Inc. raised its stake in Corning by 101.5% during the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock valued at $51,000 after purchasing an additional 542 shares during the last quarter. Gotham Asset Management LLC acquired a new position in Corning during the 4th quarter valued at $306,000. Dynamic Advisor Solutions LLC raised its stake in Corning by 1.3% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,379 shares of the electronics maker's stock valued at $1,024,000 after purchasing an additional 297 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Corning during the 4th quarter valued at $8,996,000. 69.80% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup cut their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Bank of America upped 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. JPMorgan Chase & Co. cut their target price on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Oppenheimer cut their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Mizuho set a $52.00 target price on shares of Corning in a research note on Tuesday, April 15th. Four investment 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. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus target price of $53.75.

Corning Price Performance

Shares of Corning stock traded up $0.17 during mid-day trading on Friday, reaching $51.87. 5,295,413 shares of the stock were exchanged, compared to its average volume of 5,647,008. The company has a market cap of $44.42 billion, a price-to-earnings ratio of 99.74, a price-to-earnings-growth ratio of 1.40 and a beta of 1.11. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The firm has a 50-day simple moving average of $48.09 and a 200 day simple moving average of $47.91. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data 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 net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company's revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is currently 215.38%.

Insiders Place Their Bets

In other Corning news, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the sale, the senior vice president now owns 25,000 shares of the company's stock, valued at $1,250,250. This represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Stefan Becker sold 17,106 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the sale, the senior vice president now directly owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 in the last 90 days. 0.32% of the stock is currently 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.