Envestnet Asset Management Inc. Has $6.40 Million Position in Corning Incorporated (GLW)

Envestnet Asset Management Inc. reduced its holdings in shares of Corning Incorporated (NYSE:GLW) by 11.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 213,928 shares of the electronics maker’s stock after selling 26,985 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Corning were worth $6,398,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Corning by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 62,101,521 shares of the electronics maker’s stock worth $1,866,151,000 after acquiring an additional 965,976 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Corning by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,882,917 shares of the electronics maker’s stock worth $537,381,000 after acquiring an additional 971,936 shares in the last quarter. LSV Asset Management boosted its position in shares of Corning by 1.3% during the 2nd quarter. LSV Asset Management now owns 13,011,732 shares of the electronics maker’s stock worth $391,002,000 after acquiring an additional 165,214 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Corning during the 3rd quarter worth about $275,460,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Corning by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 8,090,707 shares of the electronics maker’s stock worth $242,077,000 after acquiring an additional 56,973 shares in the last quarter. 72.43% of the stock is owned by institutional investors and hedge funds.

Shares of Corning Incorporated (GLW) opened at $32.35 on Friday. Corning Incorporated has a fifty-two week low of $24.12 and a fifty-two week high of $32.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14. The firm has a market capitalization of $27,575.19, a PE ratio of 18.24, a PEG ratio of 2.64 and a beta of 1.33.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the business earned $0.42 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. analysts anticipate that Corning Incorporated will post 1.7 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.

Several research firms have recently issued reports on GLW. Zacks Investment Research raised Corning from a “strong sell” rating to a “hold” rating in a research report on Thursday, October 26th. Citigroup upped their price objective on Corning from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 25th. Deutsche Bank upped their price objective on Corning from $33.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, October 25th. Oppenheimer reaffirmed a “hold” rating on shares of Corning in a research report on Wednesday, October 25th. Finally, Guggenheim reissued a “buy” rating and issued a $35.00 target price on shares of Corning in a report on Tuesday, October 24th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Corning has an average rating of “Hold” and a consensus price target of $29.28.

In other Corning news, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the completion of the sale, the vice president now directly owns 49,471 shares of the company’s stock, valued at approximately $1,561,304.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Wendell P. Weeks sold 248,857 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the sale, the chief executive officer now directly owns 65,333 shares of the company’s stock, valued at $2,049,496.21. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 294,561 shares of company stock valued at $9,254,498. 0.59% of the stock is owned by company insiders.

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About Corning

Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).

Institutional Ownership by Quarter for Corning (NYSE:GLW)

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