Parthenon Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Parthenon reduced its stake in Corning Incorporated by 3.73% during the most recent quarter end. The investment management company now holds a total of 292,620 shares of Corning Incorporated which is valued at $6,288,404 after selling 11,325 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Corning Incorporated makes up approximately 1.55% of Parthenon’s portfolio.

Other Hedge Funds, Including , Wespac Advisors added GLW to its portfolio by purchasing 34,656 company shares during the most recent quarter which is valued at $744,757. Corning Incorporated makes up approx 0.75% of Wespac Advisors’s portfolio.Sonora Investment Management reduced its stake in GLW by selling 58,785 shares or 19.05% in the most recent quarter. The Hedge Fund company now holds 249,868 shares of GLW which is valued at $5,342,178. Corning Incorporated makes up approx 2.95% of Sonora Investment Management’s portfolio.Central Bank Trust Co reduced its stake in GLW by selling 135 shares or 13.54% in the most recent quarter. The Hedge Fund company now holds 862 shares of GLW which is valued at $18,421. Corning Incorporated makes up approx 0.01% of Central Bank Trust Co’s portfolio.

Corning Incorporated closed down -0.07 points or -0.31% at $22.22 with 2,76,44,400 shares getting traded on Friday. Post opening the session at $22.36, the shares hit an intraday low of $22.18 and an intraday high of $22.47 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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