Envestnet Asset Management Inc. Has $52.81 Million Position in Corning Incorporated (NYSE:GLW)

Envestnet Asset Management Inc. cut its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,111,262 shares of the electronics maker's stock after selling 27,383 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of Corning worth $52,807,000 as of its most recent SEC filing.

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

Corning Price Performance

GLW stock traded up $0.01 during midday trading on Wednesday, reaching $41.79. 698,263 shares of the stock were exchanged, compared to its average volume of 6,298,937. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The stock has a market capitalization of $35.80 billion, a PE ratio of 72.03, a P/E/G ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a fifty day moving average price of $47.10 and a 200 day moving average price of $47.76.

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Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.68%. Corning's dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated 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 stock in a transaction dated Friday, January 31st. The shares were 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 approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

GLW has been the subject of several recent research reports. Mizuho set a $52.00 price target on Corning in a research note on Tuesday. Morgan Stanley upped their target price on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research note on Monday. Bank of America increased their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, Barclays dropped their target price on shares of Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 29th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.08.

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.