Lumbard Kellner buys $4.3 Million stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Lumbard Kellner scooped up 2,065 additional shares in Corning Incorporated during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 232,331 shares of Corning Incorporated which is valued at $4.3 Million.Corning Incorporated makes up approximately 3.56% of Lumbard Kellner’s portfolio.

Other Hedge Funds, Including , Ameritas Investment Partners reduced its stake in GLW by selling 1,320 shares or 5.96% in the most recent quarter. The Hedge Fund company now holds 20,836 shares of GLW which is valued at $389,425. Corning Incorporated makes up approx 0.03% of Ameritas Investment Partners’s portfolio.Klingenstein Fields Co boosted its stake in GLW in the latest quarter, The investment management firm added 500 additional shares and now holds a total of 18,006 shares of Corning Incorporated which is valued at $332,031. Corning Incorporated makes up approx 0.02% of Klingenstein Fields Co’s portfolio.Commonwealth Equity Services Inc reduced its stake in GLW by selling 10,799 shares or 1.84% in the most recent quarter. The Hedge Fund company now holds 576,210 shares of GLW which is valued at $10.8 Million. Corning Incorporated makes up approx 0.10% of Commonwealth Equity Services Inc’s portfolio.Candriam Luxembourg S.c.a. reduced its stake in GLW by selling 102,767 shares or 65.36% in the most recent quarter. The Hedge Fund company now holds 54,464 shares of GLW which is valued at $1 Million. Corning Incorporated makes up approx 0.03% of Candriam Luxembourg S.c.a.’s portfolio.

Corning Incorporated opened for trading at $19.09 and hit $19.5625 on the upside on Friday, eventually ending the session at $19.51, with a gain of 3.01% or 0.57 points. The heightened volatility saw the trading volume jump to 1,02,84,590 shares. Company has a market cap of $20,980 M.

On the company’s financial health, Corning Incorporated reported $0.28 EPS for the quarter, based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus estimate of $0.28. The company had revenue of $2170.00 million for the quarter, compared to analysts expectations of $2237.22 million. The company’s revenue was down -10.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.35 EPS.

Investors should note that on Apr 28, 2016, Corning Incorporated announced a cash dividend of $0.1350. The company’s management has announced May 26, 2016 as the ex-dividend date and fixed the record date on May 31, 2016. The payable date has been fixed on Jun 30, 2016.

Many Wall Street Analysts have commented on Corning Incorporated. Corning Incorporated was Upgraded by Goldman to ” Buy” on Apr 12, 2016. Company shares were Reiterated by Deutsche Bank on Apr 8, 2016 to “Buy”, Firm has raised the Price Target to $ 23 from a previous price target of $21 .

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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