Envestnet Portfolio Solutions Inc. Has $2.45 Million Stake in Corning Incorporated $GLW

Envestnet Portfolio Solutions Inc. lifted its holdings in Corning Incorporated (NYSE:GLW) by 79.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,902 shares of the electronics maker’s stock after buying an additional 13,279 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Corning were worth $2,453,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of GLW. Hartline Investment Corp grew its holdings in Corning by 113.2% during the 3rd quarter. Hartline Investment Corp now owns 295,362 shares of the electronics maker’s stock worth $24,229,000 after acquiring an additional 156,843 shares during the period. Vanguard Group Inc. boosted its position in shares of Corning by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 97,952,109 shares of the electronics maker’s stock worth $5,151,301,000 after purchasing an additional 1,582,895 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of Corning by 638.0% during the second quarter. Schroder Investment Management Group now owns 546,407 shares of the electronics maker’s stock worth $28,736,000 after purchasing an additional 472,365 shares during the period. Motley Fool Asset Management LLC increased its holdings in Corning by 10.5% in the second quarter. Motley Fool Asset Management LLC now owns 44,037 shares of the electronics maker’s stock valued at $2,316,000 after purchasing an additional 4,183 shares during the last quarter. Finally, Jefferies Financial Group Inc. lifted its stake in Corning by 33.2% in the second quarter. Jefferies Financial Group Inc. now owns 180,606 shares of the electronics maker’s stock valued at $9,498,000 after buying an additional 44,994 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

Insider Buying and Selling at Corning

In other news, SVP Stefan Becker sold 12,100 shares of the business’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $91.28, for a total value of $1,104,488.00. Following the sale, the senior vice president owned 5,049 shares of the company’s stock, valued at $460,872.72. The trade was a 70.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 23,142 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $89.05, for a total transaction of $2,060,795.10. Following the transaction, the executive vice president owned 17,575 shares of the company’s stock, valued at $1,565,053.75. The trade was a 56.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 156,135 shares of company stock valued at $14,088,769 over the last ninety days. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GLW has been the subject of several analyst reports. Morgan Stanley boosted their target price on Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Weiss Ratings restated a “buy (b-)” rating on shares of Corning in a report on Monday, December 29th. UBS Group reaffirmed a “buy” rating and issued a $109.00 target price (up previously from $100.00) on shares of Corning in a research note on Friday, November 21st. Wall Street Zen raised shares of Corning from a “hold” rating to a “buy” rating in a report on Friday. Finally, Argus upped their price objective on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.36.

Corning Stock Performance

Shares of Corning stock opened at $95.06 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.56 and a quick ratio of 1.00. The firm has a market cap of $81.50 billion, a price-to-earnings ratio of 60.16, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13. Corning Incorporated has a one year low of $37.31 and a one year high of $96.64. The stock’s 50-day moving average is $87.91 and its 200-day moving average is $78.88.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the firm earned $0.54 EPS. Corning’s revenue for the quarter was up 20.9% compared to the same quarter last year. Equities analysts predict that Corning Incorporated will post 2.33 earnings per share for the current fiscal year.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.