Hanson Doremus Investment Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Hanson Doremus Investment Management reduced its stake in Corning Incorporated by 1.94% during the most recent quarter end. The investment management company now holds a total of 192,989 shares of Corning Incorporated which is valued at $4,533,312 after selling 3,820 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Corning Incorporated makes up approximately 2.11% of Hanson Doremus Investment Management’s portfolio.

Other Hedge Funds, Including , Levin Capital Strategies reduced its stake in GLW by selling 5,951,328 shares or 45.26% in the most recent quarter. The Hedge Fund company now holds 7,196,892 shares of GLW which is valued at $169,054,993. Corning Incorporated makes up approx 2.92% of Levin Capital Strategies’s portfolio.Carret Asset Management reduced its stake in GLW by selling 12,800 shares or 5.88% in the most recent quarter. The Hedge Fund company now holds 204,853 shares of GLW which is valued at $4,750,541. Corning Incorporated makes up approx 0.90% of Carret Asset Management’s portfolio.First National Trust Co reduced its stake in GLW by selling 7,187 shares or 4.73% in the most recent quarter. The Hedge Fund company now holds 144,799 shares of GLW which is valued at $3,252,186. Corning Incorporated makes up approx 0.51% of First National Trust Co’s portfolio.

Corning Incorporated opened for trading at $23.82 and hit $23.89 on the upside on Monday, eventually ending the session at $23.83, with a gain of 0.04% or 0.01 points. The heightened volatility saw the trading volume jump to 47,52,072 shares. Company has a market cap of $22,668 M.

On the company’s financial health, Corning Incorporated reported $0.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Oct 25, 2016. Analyst had a consensus of $0.38. The company had revenue of $2548.00 million for the quarter, compared to analysts expectations of $2516.43 million. The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Many Wall Street Analysts have commented on Corning Incorporated. Company shares were Reiterated by Deutsche Bank on Oct 26, 2016 to “Buy”, Firm has raised the Price Target to $ 26 from a previous price target of $25 .

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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