Assenagon Asset Management S.A. Acquires 329,893 Shares of Corning Incorporated (NYSE:GLW)

Assenagon Asset Management S.A. boosted its holdings in Corning Incorporated (NYSE:GLW) by 29.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,468,787 shares of the electronics maker’s stock after purchasing an additional 329,893 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Corning were worth $69,797,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its stake in Corning by 384.5% during the second quarter. Acadian Asset Management LLC now owns 16,779 shares of the electronics maker’s stock valued at $650,000 after acquiring an additional 13,316 shares in the last quarter. Wealthspire Advisors LLC boosted its holdings in shares of Corning by 19.0% during the 2nd quarter. Wealthspire Advisors LLC now owns 7,432 shares of the electronics maker’s stock valued at $289,000 after purchasing an additional 1,187 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Corning during the second quarter valued at about $203,000. Brown Brothers Harriman & Co. increased its holdings in shares of Corning by 17.3% in the second quarter. Brown Brothers Harriman & Co. now owns 9,287 shares of the electronics maker’s stock worth $361,000 after purchasing an additional 1,370 shares during the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new stake in shares of Corning in the second quarter worth about $266,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Price Performance

Shares of GLW stock opened at $48.87 on Thursday. The stock has a 50 day moving average price of $47.91 and a 200 day moving average price of $44.85. The firm has a market capitalization of $41.84 billion, a P/E ratio of 287.47, a P/E/G ratio of 1.28 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning Incorporated has a 52-week low of $29.71 and a 52-week high of $51.03.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 earnings per share. As a group, sell-side analysts predict that Corning Incorporated will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GLW shares. Deutsche Bank Aktiengesellschaft lifted their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Barclays increased their price objective on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Bank of America boosted their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Morgan Stanley increased their price target on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.77.

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.