Envestnet Portfolio Solutions Inc. Buys 13,279 Shares of Corning Incorporated $GLW

Envestnet Portfolio Solutions Inc. increased its stake in Corning Incorporated (NYSE:GLW) by 79.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock worth $319,000 after purchasing an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. bought a new position in Corning during the first quarter worth about $729,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Corning by 9.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker’s stock worth $2,962,000 after buying an additional 5,522 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Corning in the second quarter valued at approximately $401,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of Corning in the second quarter valued at approximately $618,000. 69.80% of the stock is owned by institutional investors.

Insider Activity

In other Corning news, CFO Edward A. Schlesinger sold 20,893 shares of the stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $91.25, for a total transaction of $1,906,486.25. Following the sale, the chief financial officer directly owned 66,959 shares in the company, valued at $6,110,008.75. This represents a 23.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric S. Musser sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $90.17, for a total transaction of $9,017,000.00. Following the completion of the transaction, the insider directly owned 44,926 shares in the company, valued at approximately $4,050,977.42. This represents a 69.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 156,135 shares of company stock worth $14,088,769. 0.32% of the stock is owned by company insiders.

Corning Price Performance

Corning stock opened at $95.06 on Tuesday. The firm has a market cap of $81.50 billion, a PE ratio of 60.16, a price-to-earnings-growth ratio of 1.64 and a beta of 1.13. 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 stock’s fifty day moving average price is $87.91 and its two-hundred day moving average price is $78.88. Corning Incorporated has a one year low of $37.31 and a one year high of $96.64.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 28th. The electronics maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. Corning had a return on equity of 18.12% and a net margin of 9.16%.The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the firm posted $0.54 EPS. Corning’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, research analysts expect that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Mizuho set a $97.00 price target on Corning in a research note on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Corning in a report on Monday, December 29th. Morgan Stanley raised their target price on shares of Corning from $82.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Argus upped their price target on shares of Corning from $68.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Finally, Barclays increased their price target on shares of Corning from $65.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $93.36.

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.