Envestnet Asset Management Inc. Buys 172,821 Shares of Corning Incorporated (NYSE:GLW)

Envestnet Asset Management Inc. increased its stake in shares of Corning Incorporated (NYSE:GLW) by 15.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,284,083 shares of the electronics maker’s stock after acquiring an additional 172,821 shares during the period. Envestnet Asset Management Inc.’s holdings in Corning were worth $58,785,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter worth approximately $29,000. Putney Financial Group LLC bought a new position in shares of Corning in the fourth quarter valued at $30,000. Transce3nd LLC acquired a new position in Corning during the fourth quarter worth $39,000. ORG Partners LLC raised its position in Corning by 115.8% during the first quarter. ORG Partners LLC now owns 887 shares of the electronics maker’s stock worth $40,000 after acquiring an additional 476 shares in the last quarter. Finally, VSM Wealth Advisory LLC acquired a new stake in Corning in the fourth quarter valued at $43,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GLW shares. UBS Group boosted their price objective on shares of Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley upped their price objective on Corning from $44.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday. Wolfe Research began coverage on Corning in a report on Tuesday. They set an “outperform” rating on the stock. JPMorgan Chase & Co. cut their price target on Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Mizuho set a $52.00 price objective on shares of Corning in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.73.

Corning Stock Down 1.3%

GLW stock opened at $51.58 on Friday. Corning Incorporated has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The stock has a market capitalization of $44.17 billion, a price-to-earnings ratio of 99.19, a PEG ratio of 1.41 and a beta of 1.11. The business’s fifty day moving average price is $49.87 and its two-hundred day moving average price is $48.26.

Corning (NYSE:GLW) 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 net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the firm earned $0.38 earnings per share. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, equities analysts anticipate that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. The ex-dividend date of this dividend 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%.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total transaction of $375,280.00. Following the sale, the vice president directly owned 9,610 shares of the company’s stock, valued at approximately $450,805.10. This represents a 45.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Soumya Seetharam sold 6,505 shares of the firm’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total value of $325,315.05. Following the completion of the transaction, the senior vice president owned 25,000 shares in the company, valued at $1,250,250. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,796 shares of company stock valued at $3,632,635 in the last quarter. 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.