Concannon Wealth Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Concannon Wealth Management reduced its stake in Corning Incorporated by 4.6% during the most recent quarter end. The investment management company now holds a total of 141,436 shares of Corning Incorporated which is valued at $3,139,879 after selling 6,825 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Corning Incorporated makes up approximately 3.14% of Concannon Wealth Management’s portfolio.

Other Hedge Funds, Including , Minneapolis Portfolio Management Group reduced its stake in GLW by selling 89,605 shares or 4.76% in the most recent quarter. The Hedge Fund company now holds 1,794,552 shares of GLW which is valued at $39,839,054. Corning Incorporated makes up approx 6.84% of Minneapolis Portfolio Management Group’s portfolio.Integrated Wealth Management boosted its stake in GLW in the latest quarter, The investment management firm added 296 additional shares and now holds a total of 300 shares of Corning Incorporated which is valued at $6,660.Washington Trust Bank reduced its stake in GLW by selling 627 shares or 1.7% in the most recent quarter. The Hedge Fund company now holds 36,233 shares of GLW which is valued at $757,632. Corning Incorporated makes up approx 0.19% of Washington Trust Bank’s portfolio.

Corning Incorporated opened for trading at $22.64 and hit $22.92 on the upside on Monday, eventually ending the session at $22.8, with a gain of 0.71% or 0.16 points. The heightened volatility saw the trading volume jump to 2,17,34,974 shares. Company has a market cap of $23,641 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.

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