Auxier Asset Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Auxier Asset Management reduced its stake in Corning Incorporated by 2.85% during the most recent quarter end. The investment management company now holds a total of 330,751 shares of Corning Incorporated which is valued at $6.2 Million after selling 9,700 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on May 13, 2016.Corning Incorporated makes up approximately 1.47% of Auxier Asset Management’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates boosted its stake in GLW in the latest quarter, The investment management firm added 269,334 additional shares and now holds a total of 3,211,680 shares of Corning Incorporated which is valued at $60 Million. Corning Incorporated makes up approx 0.10% of Parametric Portfolio Associates’s portfolio.Signaturefd boosted its stake in GLW in the latest quarter, The investment management firm added 639 additional shares and now holds a total of 17,552 shares of Corning Incorporated which is valued at $328,047. Corning Incorporated makes up approx 0.06% of Signaturefd’s portfolio.Janney Montgomery Scott reduced its stake in GLW by selling 10,676 shares or 13.03% in the most recent quarter. The Hedge Fund company now holds 71,232 shares of GLW which is valued at $1.3 Million. Corning Incorporated makes up approx 0.04% of Janney Montgomery Scott’s portfolio.Bryn Mawr Trust Co reduced its stake in GLW by selling 17,445 shares or 1.83% in the most recent quarter. The Hedge Fund company now holds 936,743 shares of GLW which is valued at $17.3 Million. Corning Incorporated makes up approx 1.11% of Bryn Mawr Trust Co’s portfolio.Towerview boosted its stake in GLW in the latest quarter, The investment management firm added 155,000 additional shares and now holds a total of 430,000 shares of Corning Incorporated which is valued at $8 Million. Corning Incorporated makes up approx 3.74% of Towerview’s portfolio.

Corning Incorporated closed down -0.09 points or -0.45% at $20 with 83,34,331 shares getting traded on Wednesday. Post opening the session at $20.17, the shares hit an intraday low of $19.95 and an intraday high of $20.24 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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.

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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