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

Assenagon Asset Management S.A. increased its position in shares of Corning Incorporated (NYSE:GLW - Free Report) by 29.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,468,787 shares of the electronics maker's stock after acquiring an additional 329,893 shares during the period. Assenagon Asset Management S.A. owned about 0.17% of Corning worth $69,797,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Northstar Advisory Group LLC boosted its holdings in shares of Corning by 258.4% in the 4th quarter. Northstar Advisory Group LLC now owns 123,808 shares of the electronics maker's stock valued at $5,883,000 after purchasing an additional 89,268 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker's stock worth $8,975,000 after buying an additional 62,514 shares during the last quarter. FMR LLC boosted its stake in Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker's stock valued at $168,095,000 after buying an additional 1,285,836 shares in the last quarter. MBB Public Markets I LLC grew its position in Corning by 806.7% in the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker's stock valued at $2,524,000 after acquiring an additional 57,800 shares during the last quarter. Finally, First Financial Bank Trust Division raised its stake in Corning by 27.5% during the fourth quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker's stock worth $6,565,000 after acquiring an additional 29,790 shares in the last quarter. 69.80% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays lifted their price target on shares of Corning from $40.00 to $53.00 and gave the company an "equal weight" rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Corning from $49.00 to $54.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the company a "buy" rating in a research note on Friday, September 20th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Finally, UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.77.

Corning Trading Up 0.9 %

Shares of NYSE GLW traded up $0.43 during midday trading on Thursday, reaching $49.24. The stock had a trading volume of 2,982,398 shares, compared to its average volume of 3,775,310. Corning Incorporated has a twelve month low of $29.71 and a twelve month high of $51.03. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. The company's 50 day moving average price is $47.92 and its 200 day moving average price is $44.92. The firm has a market cap of $42.16 billion, a price-to-earnings ratio of 289.64, a price-to-earnings-growth ratio of 1.28 and a beta of 1.04.

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

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares of the company's stock, valued at approximately $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.45% of the stock is currently owned by insiders.

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.