Ascension Asset Management LLC Sells 1,200 Shares of Corning Incorporated (NYSE:GLW)

Ascension Asset Management LLC lowered its stake in Corning Incorporated (NYSE:GLW) by 6.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,584 shares of the electronics maker’s stock after selling 1,200 shares during the period. Ascension Asset Management LLC’s holdings in Corning were worth $722,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bridgefront Capital LLC bought a new stake in Corning during the 4th quarter worth $813,000. Wahed Invest LLC grew its holdings in shares of Corning by 8.6% during the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after purchasing an additional 1,028 shares during the last quarter. Belpointe Asset Management LLC increased its stake in shares of Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after buying an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after buying an additional 24,421 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its position in Corning by 4.7% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after buying an additional 3,152 shares during the period. Institutional investors own 69.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLW. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research report on Friday, July 26th. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Monday, June 17th. Citigroup upped their price target on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, July 31st. Finally, Barclays upped their target price on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Corning Stock Performance

Shares of GLW stock opened at $44.87 on Friday. The firm has a 50 day moving average of $41.69 and a 200-day moving average of $37.97. The company has a market cap of $38.44 billion, a price-to-earnings ratio of 63.20, a price-to-earnings-growth ratio of 1.74 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. Corning Incorporated has a 52 week low of $25.26 and a 52 week high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, equities analysts forecast that Corning Incorporated will post 1.91 earnings per share for the current year.

About Corning

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.