Financial Consulate Inc Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Financial Consulate Inc reduced its stake in Corning Incorporated by 48.91% during the most recent quarter end. The investment management company now holds a total of 86,665 shares of Corning Incorporated which is valued at $1,813,032 after selling 82,951 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Apr 13, 2016.Corning Incorporated makes up approximately 1.23% of Financial Consulate Inc’s portfolio.

Corning Incorporated (GLW) witnessed a volatile trading activity on Monday , and eventually ended flat at 0.00% or 0 points without letting the bulls or bears take much advantage. The trading began at $20.73 and reached the intraday high at $21.03. The bulls started the profit booking and pushed the shares to intraday low of $20.73. The trading session was marked by a volume range of 56,80,565 shares exchanging hands. The 52-week high of the shares is $22.98 and the 52-week low is $15.42. The market cap of the company stands at $23,281 M and there are 1,11,28,37,210 shares in public circulation.

Other Hedge Funds, Including , Independent Portfolio Consultants reduced its stake in GLW by selling 505 shares or 18.94% in the most recent quarter. The Hedge Fund company now holds 2,161 shares of GLW which is valued at $45,208. Corning Incorporated makes up approx 0.01% of Independent Portfolio Consultants’s portfolio.Integral Derivatives boosted its stake in GLW in the latest quarter, The investment management firm added 469 additional shares and now holds a total of 46,136 shares of Corning Incorporated which is valued at $965,165. Corning Incorporated makes up approx 0.39% of Integral Derivatives’s portfolio.Central Bank Trust Co reduced its stake in GLW by selling 431 shares or 30.18% in the most recent quarter. The Hedge Fund company now holds 997 shares of GLW which is valued at $20,857. Corning Incorporated makes up approx 0.01% of Central Bank Trust Co’s portfolio.British Columbia Investment Management Corp reduced its stake in GLW by selling 18,617 shares or 3.06% in the most recent quarter. The Hedge Fund company now holds 589,366 shares of GLW which is valued at $12,152,727. Corning Incorporated makes up approx 0.12% of British Columbia Investment Management Corp’s portfolio.Burns J W Co Incny reduced its stake in GLW by selling 500 shares or 2.49% in the most recent quarter. The Hedge Fund company now holds 19,619 shares of GLW which is valued at $404,544. Corning Incorporated makes up approx 0.13% of Burns J W Co Incny’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 (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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