Assenagon Asset Management S.A. Cuts Position in Corning Incorporated $GLW

Key Points

• Assenagon Asset Management cut its Corning stake by 74.1% in the second quarter, selling 1.76 million shares and retaining 615,352 shares valued at approximately $157.2 million.
• Institutional ownership remains substantial at 69.8%, while other major investors—including Norges Bank, Capital Research Global Investors, Polar Capital, and Arrowstreet—expanded or initiated positions in Corning.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $174.08 price target. Corning also exceeded quarterly EPS and revenue estimates, raised third-quarter EPS guidance to $0.85–$0.89, and declared a quarterly dividend of $0.28 per share.

Assenagon Asset Management S.A. cut its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 74.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 615,352 shares of the electronics maker's stock after selling 1,762,550 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Corning worth $157,179,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of GLW. Norges Bank purchased a new position in Corning in the fourth quarter worth $921,435,000. Capital Research Global Investors increased its position in shares of Corning by 52.7% during the 4th quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock valued at $1,478,959,000 after purchasing an additional 5,831,873 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Corning by 141.2% during the 3rd quarter. Polar Capital Holdings Plc now owns 4,011,153 shares of the electronics maker's stock valued at $329,035,000 after purchasing an additional 2,348,125 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Corning by 102.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,562,644 shares of the electronics maker's stock worth $399,505,000 after purchasing an additional 2,304,676 shares during the period. Finally, Evergreen Quality Fund GP Ltd. purchased a new position in shares of Corning in the 4th quarter worth about $185,312,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GLW has been the subject of several research reports. Citigroup reduced their price target on shares of Corning from $240.00 to $220.00 and set a "buy" rating for the company in a research report on Wednesday, July 29th. Bank of America lifted their price objective on shares of Corning from $223.00 to $243.00 and gave the stock a "buy" rating in a research report on Monday, July 6th. Oppenheimer dropped their target price on shares of Corning from $230.00 to $200.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 29th. Mizuho decreased their price target on shares of Corning from $270.00 to $210.00 and set an "outperform" rating for the company in a research note on Wednesday, July 29th. Finally, Barclays lowered their price target on shares of Corning from $180.00 to $129.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 29th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $174.08.

Corning Trading Up 0.5%

Shares of GLW opened at $157.45 on Friday. Corning Incorporated has a fifty-two week low of $63.37 and a fifty-two week high of $271.78. The business has a 50-day moving average of $180.04 and a 200 day moving average of $159.02. The firm has a market cap of $135.63 billion, a P/E ratio of 71.90, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.24 and a current ratio of 1.81.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The electronics maker reported $0.78 EPS for the quarter, beating the consensus estimate of $0.76 by $0.02. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.63 billion. Corning had a net margin of 11.20% and a return on equity of 20.09%. The company's revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. Corning has set its Q3 2026 guidance at 0.850-0.890 EPS. As a group, research analysts forecast that Corning Incorporated will post 3.27 EPS for the current year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, August 31st 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 0.7%. The ex-dividend date is Monday, August 31st. Corning's dividend payout ratio is presently 51.14%.

Insider Buying and Selling

In related news, SVP Michaune D. Tillman sold 3,260 shares of Corning stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $207.02, for a total value of $674,885.20. Following the completion of the transaction, the senior vice president directly owned 10,174 shares in the company, valued at approximately $2,106,221.48. The trade was a 24.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $198.34, for a total transaction of $1,983,400.00. Following the sale, the vice president directly owned 5,138 shares in the company, valued at $1,019,070.92. The trade was a 66.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 160,655 shares of company stock worth $30,692,560 in the last 90 days. 0.25% of the stock is currently owned by company insiders.

Corning Company Profile

Corning Incorporated is a global manufacturer specializing in specialty glass, ceramics and related materials and technologies. Headquartered in Corning, New York, the company supplies engineered materials and components used across multiple industries, including consumer electronics, telecommunications, automotive emissions control, pharmaceutical and life sciences, and industrial and scientific applications. Corning emphasizes materials science and precision manufacturing to develop durable, high-performance glass and ceramic products.

Key product lines include specialty display glass used by television and mobile-device manufacturers, cover glass marketed under well-known trade names for smartphones and tablets, and optical fiber and cable and related hardware for telecommunications networks.

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