Envestnet Portfolio Solutions Inc. Grows Holdings in Corning Incorporated (NYSE:GLW)

Envestnet Portfolio Solutions Inc. grew its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 30.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,818 shares of the electronics maker's stock after purchasing 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.

A number of other hedge funds have also modified their holdings of GLW. Northstar Advisory Group LLC increased its position in Corning by 258.4% during the fourth quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock worth $5,883,000 after buying an additional 89,268 shares in the last quarter. Franklin Resources Inc. increased its position in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. FMR LLC increased its position in Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock worth $168,095,000 after purchasing an additional 1,285,836 shares in the last quarter. Fifth Third Bancorp raised its stake in Corning by 16.8% in the 4th quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker's stock valued at $5,296,000 after purchasing an additional 16,001 shares during the last quarter. Finally, First Financial Bank Trust Division lifted its holdings in Corning by 27.5% in the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock valued at $6,565,000 after purchasing an additional 29,790 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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Corning Trading Down 1.8 %

NYSE GLW traded down $0.92 during mid-day trading on Tuesday, hitting $48.97. The company's stock had a trading volume of 4,027,548 shares, compared to its average volume of 5,506,704. The firm has a market capitalization of $41.95 billion, a P/E ratio of 84.43, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning Incorporated has a 52-week low of $30.72 and a 52-week high of $55.33. The stock's fifty day simple moving average is $50.01 and its two-hundred day simple moving average is $47.83.

Corning (NYSE:GLW - Get Free Report) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.29%. Corning's dividend payout ratio (DPR) is currently 193.10%.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction 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. This trade represents a 16.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning 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 disclosure for this sale can be found here. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on GLW shares. StockNews.com downgraded shares of Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Morgan Stanley boosted their price target on Corning from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, December 17th. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Hsbc Global Res raised Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Finally, Barclays dropped their target price on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 29th. Four 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 stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $54.31.

About Corning

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.