Corning Incorporated $GLW Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Corning stake by 26.4% in Q1, buying 496,566 more shares to bring its total holdings to 2.38 million shares worth about $323.3 million.
• Corning shares were up 6.1%, and the stock has traded near a 1-year high of $217.09 as investors reacted to strong momentum in the name.
• The company beat quarterly expectations with Q1 EPS of $0.70 on revenue of $4.34 billion, raised Q2 guidance, and also declared a quarterly dividend of $0.28 per share.

Assenagon Asset Management S.A. boosted its holdings in Corning Incorporated (NYSE:GLW - Free Report) by 26.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,377,902 shares of the electronics maker's stock after acquiring an additional 496,566 shares during the quarter. Corning accounts for 0.5% of Assenagon Asset Management S.A.'s portfolio, making the stock its 29th largest position. Assenagon Asset Management S.A. owned about 0.28% of Corning worth $323,323,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Corning by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 99,283,317 shares of the electronics maker's stock worth $8,693,247,000 after acquiring an additional 580,678 shares during the period. State Street Corp lifted its holdings in shares of Corning by 1.2% in the third quarter. State Street Corp now owns 37,008,856 shares of the electronics maker's stock valued at $3,035,836,000 after buying an additional 439,883 shares during the period. Geode Capital Management LLC boosted its stake in Corning by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 20,411,824 shares of the electronics maker's stock valued at $1,781,250,000 after buying an additional 517,067 shares in the last quarter. Capital Research Global Investors grew its holdings in Corning by 52.7% during the fourth quarter. Capital Research Global Investors now owns 16,890,802 shares of the electronics maker's stock worth $1,478,959,000 after acquiring an additional 5,831,873 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Corning by 30.3% during the third quarter. Wellington Management Group LLP now owns 16,557,489 shares of the electronics maker's stock worth $1,358,211,000 after acquiring an additional 3,848,540 shares during the period. Institutional investors own 69.80% of the company's stock.

Corning Trading Up 6.1%

Shares of GLW opened at $205.91 on Thursday. The business's 50-day moving average price is $182.50 and its 200 day moving average price is $140.14. The stock has a market capitalization of $177.21 billion, a P/E ratio of 98.52, a P/E/G ratio of 2.78 and a beta of 1.15. Corning Incorporated has a 1-year low of $51.09 and a 1-year high of $217.09. The company has a current ratio of 1.61, a quick ratio of 1.06 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The electronics maker reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. Corning had a net margin of 11.09% and a return on equity of 19.45%. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same period in the prior year, the firm earned $0.54 earnings per share. The business's quarterly revenue was up 18.1% on a year-over-year basis. Corning has set its Q2 2026 guidance at 0.730-0.770 EPS. Analysts expect that Corning Incorporated will post 3.19 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Friday, May 29th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.5%. Corning's dividend payout ratio is presently 53.59%.

Insiders Place Their Bets

In related news, VP John Z. Zhang sold 10,000 shares of the business's stock in a transaction that occurred 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 transaction, the vice president directly owned 5,138 shares of the company's stock, valued at approximately $1,019,070.92. The trade was a 66.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Soumya Seetharam sold 20,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $206.23, for a total transaction of $4,124,600.00. Following the completion of the transaction, the senior vice president owned 25,570 shares in the company, valued at approximately $5,273,301.10. This represents a 43.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 160,655 shares of company stock valued at $30,692,560 over the last quarter. 0.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on GLW. Weiss Ratings reissued a "buy (b-)" rating on shares of Corning in a report on Friday, May 15th. Bank of America lifted their price objective on shares of Corning from $155.00 to $186.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Truist Financial boosted their target price on shares of Corning from $149.00 to $205.00 and gave the stock a "hold" rating in a report on Monday. Zacks Research lowered shares of Corning from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Finally, Citigroup raised their target price on shares of Corning from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and an average target price of $182.62.

About Corning

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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