Cacti Asset Management buys $35.8 Million stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Cacti Asset Management scooped up 49,350 additional shares in Corning Incorporated during the most recent quarter end , according to a recent disclosure to the SEC on Apr 1, 2016. The investment management firm now holds a total of 1,719,598 shares of Corning Incorporated which is valued at $35.8 Million.Corning Incorporated makes up approximately 3.85% of Cacti Asset Management’s portfolio.

On the company’s financial health, Corning Incorporated reported $0.34 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Jan 26, 2016. Analyst had a consensus of $0.31. The company had revenue of $2400.00 million for the quarter, compared to analysts expectations of $2326.91 million. The company’s revenue was down -4.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.45 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 opened for trading at $20.58 and hit $20.84 on the upside on Monday, eventually ending the session at $20.62, with a gain of 0.44% or 0.09 points. The heightened volatility saw the trading volume jump to 64,15,664 shares. Company has a market cap of $22,947 M.

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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