Sonora Investment Management Lowers stake in Corning Incorporated (GLW)

Corning Incorporated (GLW) : Sonora Investment Management reduced its stake in Corning Incorporated by 1.33% during the most recent quarter end. The investment management company now holds a total of 246,543 shares of Corning Incorporated which is valued at $5,766,641 after selling 3,325 shares in Corning Incorporated , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Corning Incorporated makes up approximately 3.00% of Sonora Investment Management’s portfolio.

Other Hedge Funds, Including , Dorchester Wealth Management Co reduced its stake in GLW by selling 200 shares or 1.79% in the most recent quarter. The Hedge Fund company now holds 11,000 shares of GLW which is valued at $257,290. Corning Incorporated makes up approx 0.10% of Dorchester Wealth Management Co’s portfolio.Pennsylvania Trust Co reduced its stake in GLW by selling 2,493 shares or 3.15% in the most recent quarter. The Hedge Fund company now holds 76,762 shares of GLW which is valued at $1,795,463. Corning Incorporated makes up approx 0.15% of Pennsylvania Trust Co’s portfolio.Investment Management Of Virginia boosted its stake in GLW in the latest quarter, The investment management firm added 1,050 additional shares and now holds a total of 71,800 shares of Corning Incorporated which is valued at $1,665,760. Corning Incorporated makes up approx 0.42% of Investment Management Of Virginia’s portfolio.Legacy Private Trust boosted its stake in GLW in the latest quarter, The investment management firm added 46,840 additional shares and now holds a total of 59,920 shares of Corning Incorporated which is valued at $1,416,509. Corning Incorporated makes up approx 0.20% of Legacy Private Trust’s portfolio.

Corning Incorporated opened for trading at $23.4 and hit $23.61 on the upside on Friday, eventually ending the session at $23.39, with a gain of 0.82% or 0.19 points. The heightened volatility saw the trading volume jump to 67,75,478 shares. Company has a market cap of $24,253 M.

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 Oct 5, 2016, Corning Incorporated announced a cash dividend of $0.1350. The company’s management has announced Nov 15, 2016 as the ex-dividend date and fixed the record date on Nov 17, 2016. The payable date has been fixed on Dec 15, 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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