Assenagon Asset Management S.A. Has $22.71 Million Stock Holdings in Corning Incorporated (NYSE:GLW)

Assenagon Asset Management S.A. cut its position in Corning Incorporated (NYSE:GLW) by 78.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 584,420 shares of the electronics maker’s stock after selling 2,139,805 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Corning worth $22,705,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Brown Lisle Cummings Inc. grew its stake in shares of Corning by 12.6% in the 2nd quarter. Brown Lisle Cummings Inc. now owns 16,800 shares of the electronics maker’s stock valued at $653,000 after buying an additional 1,875 shares during the period. Manchester Financial Inc. boosted its stake in Corning by 12.4% during the 2nd quarter. Manchester Financial Inc. now owns 62,788 shares of the electronics maker’s stock valued at $2,439,000 after purchasing an additional 6,937 shares during the last quarter. SteelPeak Wealth LLC acquired a new position in Corning during the 2nd quarter valued at about $281,000. 180 Wealth Advisors LLC acquired a new position in Corning during the 2nd quarter valued at about $597,000. Finally, Osher Van de Voorde Investment Management boosted its stake in Corning by 0.7% during the 2nd quarter. Osher Van de Voorde Investment Management now owns 467,975 shares of the electronics maker’s stock valued at $18,181,000 after purchasing an additional 3,075 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and set a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Argus lifted their price target on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Wednesday, July 31st. Citigroup lifted their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Mizuho lifted their target price on shares of Corning from $36.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.23.

Corning Stock Performance

Shares of NYSE GLW traded down $0.06 during trading on Friday, hitting $40.20. The company had a trading volume of 4,739,722 shares, compared to its average volume of 6,182,246. The stock has a 50 day simple moving average of $40.70 and a 200 day simple moving average of $35.81. The firm has a market capitalization of $34.44 billion, a P/E ratio of 56.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.05. Corning Incorporated has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) 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 business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the company posted $0.45 EPS. The company’s revenue was up 3.5% compared to the same quarter last year. As a group, analysts anticipate that Corning Incorporated will post 1.9 earnings per share for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.40% of the company’s stock.

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.