Point72 Asset Management buys $138,958,120 stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Point72 Asset Management scooped up 370,700 additional shares in Corning Incorporated during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 6,076,000 shares of Corning Incorporated which is valued at $138,958,120.Corning Incorporated makes up approximately 1.11% of Point72 Asset Management’s portfolio.

Other Hedge Funds, Including , J. Goldman Co Lp added GLW to its portfolio by purchasing 189,100 company shares during the most recent quarter which is valued at $4,324,717. Corning Incorporated makes up approx 0.43% of J. Goldman Co Lp’s portfolio.Motley Fool Wealth Management boosted its stake in GLW in the latest quarter, The investment management firm added 4,629 additional shares and now holds a total of 63,698 shares of Corning Incorporated which is valued at $1,456,773. Corning Incorporated makes up approx 0.15% of Motley Fool Wealth Management’s portfolio.Whittier Trust Co boosted its stake in GLW in the latest quarter, The investment management firm added 154 additional shares and now holds a total of 6,954 shares of Corning Incorporated which is valued at $154,518. Corning Incorporated makes up approx 0.01% of Whittier Trust Co’s portfolio.Huntington National Bank reduced its stake in GLW by selling 52,043 shares or 71.72% in the most recent quarter. The Hedge Fund company now holds 20,522 shares of GLW which is valued at $441,018. Corning Incorporated makes up approx 0.01% of Huntington National Bank’s portfolio.

Corning Incorporated opened for trading at $22.67 and hit $22.8 on the upside on Thursday, eventually ending the session at $22.71, with a gain of 0.09% or 0.02 points. The heightened volatility saw the trading volume jump to 59,18,412 shares. Company has a market cap of $23,547 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.

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 *