Corteva, Inc. (NYSE:CTVA) Short Interest Update

Corteva, Inc. (NYSE:CTVA) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 8,560,000 shares, a growth of 11.0% from the August 31st total of 7,710,000 shares. Currently, 1.2% of the company’s stock are sold short. Based on an average daily volume of 2,920,000 shares, the days-to-cover ratio is currently 2.9 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CTVA shares. Mizuho lowered their price target on Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, OTR Global reissued a “negative” rating on shares of Corteva in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and an average target price of $61.94.

Institutional Trading of Corteva

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Corteva during the first quarter valued at about $25,000. Acadian Asset Management LLC bought a new stake in Corteva in the first quarter valued at about $25,000. Rise Advisors LLC grew its position in shares of Corteva by 2,522.2% in the 1st quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after acquiring an additional 454 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Corteva in the 4th quarter valued at approximately $28,000. Finally, Scarborough Advisors LLC acquired a new stake in shares of Corteva during the 4th quarter valued at approximately $29,000. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of Corteva stock traded down $0.82 during trading on Tuesday, reaching $57.97. The company’s stock had a trading volume of 3,513,616 shares, compared to its average volume of 3,330,568. The company has a 50-day moving average price of $55.17 and a two-hundred day moving average price of $54.92. Corteva has a fifty-two week low of $43.22 and a fifty-two week high of $59.08. The firm has a market cap of $40.40 billion, a PE ratio of 73.38, a P/E/G ratio of 1.68 and a beta of 0.77. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The business had revenue of $6.11 billion for the quarter, compared to analyst estimates of $6.15 billion. During the same period in the previous year, the business posted $1.60 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. On average, analysts forecast that Corteva will post 2.69 EPS for the current year.

Corteva Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.17%. This is a positive change from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is presently 86.08%.

About Corteva

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.