Oppenheimer Close Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Oppenheimer Close reduced its stake in Corning Incorporated by 3.7% during the most recent quarter end. The investment management company now holds a total of 359,647 shares of Corning Incorporated which is valued at $6.7 Million after selling 13,800 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on May 12, 2016.Corning Incorporated makes up approximately 6.12% of Oppenheimer Close’s portfolio.

Other Hedge Funds, Including , Edmond De Rothschild Holding S.a. reduced its stake in GLW by selling 678,000 shares or 59.39% in the most recent quarter. The Hedge Fund company now holds 463,700 shares of GLW which is valued at $8.7 Million. Corning Incorporated makes up approx 0.29% of Edmond De Rothschild Holding S.a.’s portfolio.Skba Capital Management reduced its stake in GLW by selling 11,000 shares or 34.31% in the most recent quarter. The Hedge Fund company now holds 21,065 shares of GLW which is valued at $393,705. Corning Incorporated makes up approx 0.04% of Skba Capital Management’s portfolio.Wfg Advisors Lp boosted its stake in GLW in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 326 shares of Corning Incorporated which is valued at $6,093.New York State Common Retirement Fund reduced its stake in GLW by selling 362,100 shares or 8.53% in the most recent quarter. The Hedge Fund company now holds 3,882,256 shares of GLW which is valued at $71.6 Million. Corning Incorporated makes up approx 0.11% of New York State Common Retirement Fund’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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