Mcclain Value Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Mcclain Value Management reduced its stake in Corning Incorporated by 47.01% during the most recent quarter end. The investment management company now holds a total of 316,635 shares of Corning Incorporated which is valued at $5,838,749 after selling 280,931 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on May 3, 2016.Corning Incorporated makes up approximately 4.75% of Mcclain Value Management’s portfolio.

Other Hedge Funds, Including , Bluecrest Capital Management Ltd sold out all of its stake in GLW during the most recent quarter. The investment firm sold 93,029 shares of GLW which is valued $1,715,455.Ohio National Investments reduced its stake in GLW by selling 900 shares or 3.47% in the most recent quarter. The Hedge Fund company now holds 25,000 shares of GLW which is valued at $466,750. Corning Incorporated makes up approx 0.09% of Ohio National Investments’s portfolio.Td Securities (usa) reduced its stake in GLW by selling 15 shares or 5.64% in the most recent quarter. The Hedge Fund company now holds 251 shares of GLW which is valued at $4,686. Corning Incorporated makes up approx 0.04% of Td Securities (usa)’s portfolio.Bedrijfstakpensioenfonds Voor De Media Pno reduced its stake in GLW by selling 14,800 shares or 25.0% in the most recent quarter. The Hedge Fund company now holds 44,400 shares of GLW which is valued at $828,948. Corning Incorporated makes up approx 0.12% of Bedrijfstakpensioenfonds Voor De Media Pno’s portfolio.Concannon Wealth Management boosted its stake in GLW in the latest quarter, The investment management firm added 3,347 additional shares and now holds a total of 148,261 shares of Corning Incorporated which is valued at $3,111,998. Corning Incorporated makes up approx 3.16% of Concannon Wealth Management’s portfolio.

Corning Incorporated opened for trading at $18.47 and hit $18.88 on the upside on Tuesday, eventually ending the session at $18.86, with a gain of 2.84% or 0.52 points. The heightened volatility saw the trading volume jump to 89,72,369 shares. Company has a market cap of $20,281 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.

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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