Corning Incorporated (NYSE:GLW) Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. lifted its stake in shares of Corning Incorporated (NYSE:GLW - Free Report) by 101.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,951,938 shares of the electronics maker's stock after purchasing an additional 1,483,151 shares during the quarter. Assenagon Asset Management S.A. owned about 0.34% of Corning worth $135,140,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GLW. Tallon Kerry Patrick purchased a new stake in shares of Corning in the 4th quarter worth about $302,000. Van ECK Associates Corp boosted its position in shares of Corning by 343.6% in the 4th quarter. Van ECK Associates Corp now owns 114,330 shares of the electronics maker's stock worth $5,433,000 after buying an additional 88,558 shares in the last quarter. LMR Partners LLP boosted its position in shares of Corning by 140.1% in the 4th quarter. LMR Partners LLP now owns 1,200,442 shares of the electronics maker's stock worth $57,045,000 after buying an additional 700,442 shares in the last quarter. Assetmark Inc. boosted its position in shares of Corning by 101.5% in the 4th quarter. Assetmark Inc. now owns 1,076 shares of the electronics maker's stock worth $51,000 after buying an additional 542 shares in the last quarter. Finally, Gotham Asset Management LLC purchased a new stake in shares of Corning in the 4th quarter worth about $306,000. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Trading Down 2.5%

Shares of GLW stock traded down $1.28 during trading hours on Friday, hitting $49.54. 3,573,448 shares of the company were exchanged, compared to its average volume of 5,917,446. The firm has a market cap of $42.43 billion, a PE ratio of 85.42, a PEG ratio of 1.50 and a beta of 1.11. Corning Incorporated has a 1 year low of $37.18 and a 1 year high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $46.19 and a 200 day moving average of $47.77.

Corning (NYSE:GLW - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS. Analysts expect that Corning Incorporated will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, May 30th. Corning's dividend payout ratio (DPR) is presently 215.38%.

Insider Buying and Selling

In related news, SVP Stefan Becker sold 17,106 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Soumya Seetharam sold 6,505 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $50.01, for a total transaction of $325,315.05. Following the completion of the sale, the senior vice president now directly owns 25,000 shares of the company's stock, valued at $1,250,250. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GLW shares. JPMorgan Chase & Co. decreased their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their price objective on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Citigroup reduced their target price on shares of Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Oppenheimer reduced their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Mizuho set a $52.00 target price on shares of Corning in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Corning has a consensus rating of "Moderate Buy" and a consensus price target of $53.08.

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.