Corteva, Inc. (NYSE:CTVA) Short Interest Down 11.0% in August

Corteva, Inc. (NYSE:CTVA) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 7,710,000 shares, a decrease of 11.0% from the August 15th total of 8,660,000 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average daily trading volume, of 3,040,000 shares, the days-to-cover ratio is currently 2.5 days.

Hedge Funds Weigh In On Corteva

A number of large investors have recently modified their holdings of CTVA. Redmont Wealth Advisors LLC purchased a new stake in Corteva in the 1st quarter worth approximately $25,000. Acadian Asset Management LLC bought a new stake in Corteva during the first quarter valued at $25,000. Rise Advisors LLC boosted its stake in Corteva by 2,522.2% during the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after buying an additional 454 shares during the period. ICA Group Wealth Management LLC purchased a new position in Corteva during the fourth quarter worth about $28,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Corteva in the 4th quarter valued at about $29,000. 81.54% of the stock is currently owned by institutional investors.

Corteva Stock Performance

CTVA traded up $0.40 on Wednesday, hitting $57.44. The company’s stock had a trading volume of 2,482,964 shares, compared to its average volume of 3,309,199. Corteva has a 12 month low of $43.22 and a 12 month high of $58.76. The firm has a market cap of $40.03 billion, a P/E ratio of 72.72, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The company’s 50 day simple moving average is $54.34 and its 200-day simple moving average is $54.69.

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

Corteva Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.18%. Corteva’s dividend payout ratio is currently 86.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CTVA shares. OTR Global reiterated a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Mizuho cut their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. Finally, KeyCorp dropped their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Corteva has a consensus rating of “Moderate Buy” and a consensus price target of $61.67.

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.