Corteva, Inc. (NYSE:CTVA – Get Rating) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 5,960,000 shares, an increase of 5.9% from the August 15th total of 5,630,000 shares. Based on an average trading volume of 3,210,000 shares, the short-interest ratio is presently 1.9 days. Currently, 0.8% of the company’s shares are short sold.
Insider Transactions at Corteva
In other news, insider Audrey Grimm sold 10,000 shares of Corteva stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $62.79, for a total transaction of $627,900.00. Following the transaction, the insider now owns 7,511 shares in the company, valued at approximately $471,615.69. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.08% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Corteva by 7.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,434 shares of the company’s stock worth $141,000 after purchasing an additional 171 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in shares of Corteva by 13.3% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,544 shares of the company’s stock valued at $89,000 after buying an additional 181 shares during the last quarter. Garner Asset Management Corp lifted its holdings in Corteva by 0.9% in the 1st quarter. Garner Asset Management Corp now owns 20,043 shares of the company’s stock worth $1,152,000 after purchasing an additional 181 shares during the last quarter. First Foundation Advisors lifted its holdings in Corteva by 1.3% in the 2nd quarter. First Foundation Advisors now owns 14,030 shares of the company’s stock worth $760,000 after purchasing an additional 183 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Corteva by 0.4% during the second quarter. Brown Brothers Harriman & Co. now owns 47,190 shares of the company’s stock worth $2,555,000 after buying an additional 186 shares during the last quarter. 79.02% of the stock is owned by institutional investors and hedge funds.
Corteva Stock Down 3.5 %
Corteva (NYSE:CTVA – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.17. Corteva had a return on equity of 7.26% and a net margin of 10.31%. The business had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same quarter last year, the firm earned $1.40 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Corteva will post 2.6 earnings per share for the current fiscal year.
Corteva Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, August 12th were issued a $0.15 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.60 annualized dividend and a dividend yield of 1.01%. Corteva’s dividend payout ratio (DPR) is 25.32%.
Corteva announced that its board has approved a share buyback program on Tuesday, September 13th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Analyst Ratings Changes
Several research firms have weighed in on CTVA. KeyCorp lifted their target price on Corteva from $64.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, September 14th. Roth Capital upgraded Corteva from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $67.00 to $74.00 in a research note on Monday, August 8th. UBS Group decreased their target price on Corteva from $68.00 to $64.00 in a research note on Wednesday, July 13th. Barclays assumed coverage on Corteva in a research note on Wednesday, June 1st. They set an “overweight” rating and a $71.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Corteva from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, September 15th. One investment analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and an average price target of $68.60.
Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.
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