Corteva (NYSE:CTVA) Shares Gap Down Following Weak Earnings

Corteva, Inc. (NYSE:CTVA) shares gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $61.74, but opened at $58.00. Corteva shares last traded at $57.65, with a volume of 1,610,950 shares traded.

The company reported ($0.49) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.18). Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.69 billion.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.68 annualized dividend and a yield of 1.16%. Corteva’s payout ratio is currently 52.31%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CTVA. Wells Fargo & Company dropped their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. UBS Group raised their target price on Corteva from $67.00 to $71.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. dropped their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Citigroup started coverage on Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target on the stock. Finally, KeyCorp decreased their target price on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $63.21.

Hedge Funds Weigh In On Corteva

Several large investors have recently bought and sold shares of the stock. Advisory Alpha LLC acquired a new position in Corteva during the 1st quarter worth about $238,000. Duality Advisers LP lifted its position in Corteva by 30.2% during the 1st quarter. Duality Advisers LP now owns 17,846 shares of the company’s stock worth $1,029,000 after buying an additional 4,142 shares in the last quarter. Empirical Finance LLC lifted its position in Corteva by 3.4% during the 1st quarter. Empirical Finance LLC now owns 26,034 shares of the company’s stock worth $1,501,000 after buying an additional 859 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Corteva by 6.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 79,971 shares of the company’s stock worth $4,612,000 after buying an additional 5,142 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Corteva by 55.4% during the 1st quarter. Empowered Funds LLC now owns 16,804 shares of the company’s stock worth $969,000 after buying an additional 5,989 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Corteva Trading Down 5.0 %

The company’s 50-day moving average is $58.14 and its 200-day moving average is $55.55. The firm has a market cap of $40.59 billion, a price-to-earnings ratio of 45.00, a P/E/G ratio of 1.76 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72.

Corteva Company Profile

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.