Washington Trust Bank Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Washington Trust Bank reduced its stake in Corning Incorporated by 6.87% during the most recent quarter end. The investment management company now holds a total of 33,742 shares of Corning Incorporated which is valued at $803,060 after selling 2,491 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.Corning Incorporated makes up approximately 0.19% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including , West Oak Capital reduced its stake in GLW by selling 965 shares or 2.57% in the most recent quarter. The Hedge Fund company now holds 36,605 shares of GLW which is valued at $871,199. Corning Incorporated makes up approx 0.60% of West Oak Capital’s portfolio.Cacti Asset Management boosted its stake in GLW in the latest quarter, The investment management firm added 21,750 additional shares and now holds a total of 1,737,148 shares of Corning Incorporated which is valued at $41,344,122. Corning Incorporated makes up approx 4.21% of Cacti Asset Management’s portfolio. Lvm Capital Management Ltdmi sold out all of its stake in GLW during the most recent quarter. The investment firm sold 66,547 shares of GLW which is valued $1,583,819.

Corning Incorporated closed down -0.25 points or -1.06% at $23.41 with 94,46,725 shares getting traded on Tuesday. Post opening the session at $23.7, the shares hit an intraday low of $23.32 and an intraday high of $23.75 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.

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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