Assenagon Asset Management S.A. Has $51.42 Million Position in Corning Incorporated (NYSE:GLW)

Assenagon Asset Management S.A. lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 94.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,138,894 shares of the electronics maker’s stock after buying an additional 554,474 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Corning were worth $51,421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Access Investment Management LLC acquired a new stake in Corning during the first quarter worth approximately $28,000. City Holding Co. lifted its holdings in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Register Financial Advisors LLC bought a new stake in Corning in the 1st quarter valued at $33,000. Future Financial Wealth Managment LLC acquired a new position in Corning in the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC bought a new position in Corning during the 1st quarter worth $33,000. Institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.2 %

GLW opened at $46.81 on Friday. The company’s 50 day moving average is $43.61 and its 200-day moving average is $39.63. The company has a market cap of $40.10 billion, a P/E ratio of 65.93, a PEG ratio of 1.77 and a beta of 1.04. Corning Incorporated has a 1-year low of $26.37 and a 1-year high of $47.72. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last posted its 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 net margin of 3.53% and a return on equity of 12.69%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s revenue was up 3.5% on a year-over-year basis. Equities research analysts predict that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is 157.75%.

Analysts Set New Price Targets

GLW has been the subject of a number of recent research reports. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $44.00 to $47.00 in a research report on Wednesday, August 21st. Morgan Stanley restated an “equal weight” rating and set a $39.00 target price on shares of Corning in a research report on Friday, July 26th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Barclays increased their price target on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.23.

Corning Company Profile

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.