Mcclain Value Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Mcclain Value Management reduced its stake in Corning Incorporated by 4.17% during the most recent quarter end. The investment management company now holds a total of 303,430 shares of Corning Incorporated which is valued at $6,954,616 after selling 13,205 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Corning Incorporated makes up approximately 5.57% of Mcclain Value Management’s portfolio.

Other Hedge Funds, Including , Capital Advantage sold out all of its stake in GLW during the most recent quarter. The investment firm sold 50,000 shares of GLW which is valued $1,146,000.Boston Family Office reduced its stake in GLW by selling 265 shares or 0.33% in the most recent quarter. The Hedge Fund company now holds 80,142 shares of GLW which is valued at $1,814,415. Corning Incorporated makes up approx 0.23% of Boston Family Office’s portfolio.Tortoise Investment Management reduced its stake in GLW by selling 200 shares or 10.0% in the most recent quarter. The Hedge Fund company now holds 1,800 shares of GLW which is valued at $39,960. Corning Incorporated makes up approx 0.01% of Tortoise Investment Management’s portfolio.Wealthtrust Axiom boosted its stake in GLW in the latest quarter, The investment management firm added 613 additional shares and now holds a total of 369,128 shares of Corning Incorporated which is valued at $7,932,561. Corning Incorporated makes up approx 2.99% of Wealthtrust Axiom’s portfolio.Retirement Systems Of Alabama reduced its stake in GLW by selling 14,130 shares or 2.51% in the most recent quarter. The Hedge Fund company now holds 548,226 shares of GLW which is valued at $11,781,377. Corning Incorporated makes up approx 0.07% of Retirement Systems Of Alabama’s portfolio.

Corning Incorporated closed down -0.15 points or -0.66% at $22.59 with 1,01,00,432 shares getting traded on Wednesday. Post opening the session at $22.77, the shares hit an intraday low of $22.45 and an intraday high of $22.8 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 $0.37 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.

Investors should note that on Jul 20, 2016, Corning Incorporated announced a cash dividend of $0.1350. The company’s management has announced Aug 29, 2016 as the ex-dividend date and fixed the record date on Aug 31, 2016. The payable date has been fixed on Sep 30, 2016.

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.

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