Short Interest in Corteva, Inc. (NYSE:CTVA) Expands By 16.4%

Corteva, Inc. (NYSE:CTVA) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 5,600,000 shares, a growth of 16.4% from the August 15th total of 4,810,000 shares. Based on an average daily trading volume, of 3,920,000 shares, the short-interest ratio is presently 1.4 days. Approximately 0.8% of the company’s shares are short sold.

Corteva Stock Down 1.3 %

Shares of CTVA stock opened at $51.87 on Tuesday. The stock’s 50-day simple moving average is $52.90 and its 200-day simple moving average is $56.54. The firm has a market capitalization of $36.81 billion, a PE ratio of 40.21, a P/E/G ratio of 1.40 and a beta of 0.81. Corteva has a fifty-two week low of $48.68 and a fifty-two week high of $68.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.12 and a current ratio of 1.66.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Friday, August 4th. The company reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. The business had revenue of $6.05 billion during the quarter, compared to analysts’ expectations of $6.44 billion. Corteva had a net margin of 5.26% and a return on equity of 7.78%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.64 EPS. Equities analysts expect that Corteva will post 2.84 earnings per share for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.23%. This is a positive change from Corteva’s previous quarterly dividend of $0.15. Corteva’s dividend payout ratio (DPR) is presently 49.61%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CTVA shares. Wells Fargo & Company dropped their price target on Corteva from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Monday, August 7th. Mizuho lowered their price target on shares of Corteva from $74.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, August 7th. JPMorgan Chase & Co. decreased their price objective on Corteva from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Monday, August 7th. Argus cut their target price on Corteva from $78.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 17th. Finally, Vertical Research upgraded shares of Corteva from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Monday, May 22nd. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $70.41.

Insider Buying and Selling

In related news, CFO David J. Anderson acquired 2,000 shares of the stock in a transaction on Friday, September 15th. The stock was bought at an average cost of $52.97 per share, with a total value of $105,940.00. Following the transaction, the chief financial officer now directly owns 65,308 shares in the company, valued at $3,459,364.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Corteva

A number of hedge funds have recently modified their holdings of CTVA. AXS Investments LLC purchased a new stake in Corteva in the 4th quarter worth approximately $27,000. Barrett & Company Inc. purchased a new stake in Corteva during the first quarter worth $29,000. Cornerstone Planning Group LLC acquired a new stake in Corteva during the second quarter valued at $28,000. Blume Capital Management Inc. boosted its stake in shares of Corteva by 103.8% during the 2nd quarter. Blume Capital Management Inc. now owns 542 shares of the company’s stock worth $31,000 after acquiring an additional 276 shares in the last quarter. Finally, PCA Investment Advisory Services Inc. acquired a new stake in shares of Corteva during the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.