Envestnet Portfolio Solutions Inc. has $661,000 stake in Corning Incorporated (NYSE:GLW)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Corning Incorporated (NYSE:GLW – Free Report) by 25.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,008 shares of the electronics maker’s stock after selling 5,818 shares during the quarter. The holdings of Envestnet Portfolio Solutions Inc. in Corning were worth $661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have recently modified their holdings of the company. Bridgefront Capital LLC bought a new stake in Corning in the fourth quarter valued at approximately $813,000. Natixis Advisors LP raised its stake in Corning by 29.6% during the 4th quarter. Natixis Advisors LP now owns 131,323 shares of the electronics maker’s stock worth $3,998,000 after buying an additional 30,001 shares. actions during the period. Wahed Invest LLC boosted its stake in Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after buying an additional 1,028 shares during the period respective. Belpointe Asset Management LLC boosted its holdings in Corning by 26.4% during the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after acquiring an additional 1,740 shares during the last quarter. Finally, Socha Financial Group LLC raised its stake in Corning by 8.8% in the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after acquiring an additional 27,772 shares during the period. 69.80% of shares are held by institutional investors.

Insider activity at Corning

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a filing with the SEC, which is available at this link. 0.40% of shares are currently owned by company insiders.

Analysts on Wall Street are forecasting an increase

Several equities analysts recently weighed in on GLW shares. Oppenheimer restated an “outperform” rating and set a $47.00 price objective (down previously from $50.00) on shares of Corning in a report on Wednesday, July 31st. Susquehanna raised their target price on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a research note on Wednesday, July 31st. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a research report on Monday, June 17th. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, July 31st. Finally, Barclays boosted their target price on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Corning presently has an average rating of “Moderate Buy” and an average target price of $45.23, according to MarketBeat.com.

Check out the latest stock analysis on GLW

Corning price performance

Shares of NYSE GLW opened at $40.61 on Tuesday. Corning Incorporated has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The stock has a market cap of $34.75 billion, a price-to-earnings ratio of 57.20, a PEG ratio of 1.56 and a beta of 1.05. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57, and a quick ratio of 0.98. The company has a 50-day moving average of $40.77 and a 200-day moving average of $35.91.

Corning (NYSE:GLW – Get Free Report ) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the company earned $0.45 per share. The company’s revenue was up 3.5% over the same quarter last year. As a group, sell-side analysts predict that Corning Incorporated will post 1.9 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Friday, August 30. This represents a dividend of $1.12 on an annualized basis and a dividend yield of 2.76%. Corning’s payout ratio is 157.75%.

Corning profile

(Free report)

Corning Incorporated is engaged in display technologies, optical communications, environmental technologies, specialty materials and life sciences businesses in the United States and internationally. The Company’s Display Technologies segment provides 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 wearable devices.

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