Carret Asset Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Carret Asset Management reduced its stake in Corning Incorporated by 2.03% during the most recent quarter end. The investment management company now holds a total of 217,653 shares of Corning Incorporated which is valued at $4,977,724 after selling 4,500 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Corning Incorporated makes up approximately 0.92% of Carret Asset Management’s portfolio.

Other Hedge Funds, Including , Pinebridge Investments boosted its stake in GLW in the latest quarter, The investment management firm added 103 additional shares and now holds a total of 1,359 shares of Corning Incorporated which is valued at $31,080.Gamco Investors Et Al reduced its stake in GLW by selling 44,600 shares or 6.78% in the most recent quarter. The Hedge Fund company now holds 613,316 shares of GLW which is valued at $13,885,474. Corning Incorporated makes up approx 0.09% of Gamco Investors Et Al’s portfolio.Zurcher Kantonalbank (zurich Cantonalbank) reduced its stake in GLW by selling 537 shares or 0.3% in the most recent quarter. The Hedge Fund company now holds 176,900 shares of GLW which is valued at $3,927,180. Corning Incorporated makes up approx 0.05% of Zurcher Kantonalbank (zurich Cantonalbank)’s portfolio.Lucas Capital Management reduced its stake in GLW by selling 1,000 shares or 4.89% in the most recent quarter. The Hedge Fund company now holds 19,450 shares of GLW which is valued at $432,179. Corning Incorporated makes up approx 0.30% of Lucas Capital Management’s portfolio. Searle sold out all of its stake in GLW during the most recent quarter. The investment firm sold 23,000 shares of GLW which is valued $491,510.

Corning Incorporated opened for trading at $22.71 and hit $22.9 on the upside on Friday, eventually ending the session at $22.77, with a gain of 0.44% or 0.1 points. The heightened volatility saw the trading volume jump to 1,13,28,230 shares. Company has a market cap of $23,610 M.

On the company’s financial health, Corning Incorporated reported $0.37 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.32. The company had revenue of $2360.00 million for the quarter, compared to analysts expectations of $2377.57 million. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS.

Investors should note that on Jul 20, 2016, Corning Incorporated announced a cash dividend of $0.1350. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on Corning Incorporated. Corning Incorporated was Initiated by Citigroup to “Buy” on Jun 20, 2016. Corning Incorporated was Downgraded by Standpoint Research to ” Hold” on Jun 13, 2016. Corning Incorporated was Downgraded by Drexel Hamilton to ” Sell” on Jun 10, 2016.

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics mobile emissions control optical communications and life sciences. Corning operates in five segments: Display Technologies which manufactures glass substrates; Optical Communications which is engaged in providing optical solutions; Environmental Technologies which manufactures ceramic substrates and filter products; Specialty Materials which manufactures products that provide more than 150 material formulations for glass glass ceramics and fluoride crystals and Life Sciences segment which is a developer manufacturer and supplier of scientific laboratory products. The Company manufactures and processes products at approximately 90 plants in 17 countries.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *