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

Assenagon Asset Management S.A. raised its stake in Corning Incorporated (NYSE:GLW) by 94.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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. owned 0.13% of Corning worth $51,421,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLW. Access Investment Management LLC acquired a new stake in shares of Corning in the 1st quarter valued at approximately $28,000. City Holding Co. raised its holdings in Corning by 545.5% in the third 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 period. Register Financial Advisors LLC bought a new position in shares of Corning during the first quarter worth $33,000. Future Financial Wealth Managment LLC acquired a new position in shares of Corning in the 1st quarter valued at $33,000. Finally, ESL Trust Services LLC bought a new stake in shares of Corning in the 1st quarter valued at $33,000. Institutional investors own 69.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. UBS Group boosted their price objective on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Barclays raised their target price on shares of Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 31st. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.23.

Corning Stock Down 0.2 %

NYSE:GLW opened at $46.81 on Friday. Corning Incorporated has a twelve month low of $26.37 and a twelve month high of $47.72. The firm has a market capitalization of $40.10 billion, a price-to-earnings ratio of 65.93, a price-to-earnings-growth ratio of 1.77 and a beta of 1.04. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average price is $43.61 and its two-hundred day moving average price is $39.63.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $3.55 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. Equities research analysts expect that Corning Incorporated will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

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

Corning 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.