HITE Hedge Asset Management LLC Raises Stock Position in Corteva, Inc. (NYSE:CTVA)

HITE Hedge Asset Management LLC lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA) by 17.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 117,034 shares of the company’s stock after purchasing an additional 17,034 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Corteva were worth $6,313,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Redmont Wealth Advisors LLC acquired a new stake in Corteva during the 1st quarter worth approximately $25,000. Acadian Asset Management LLC acquired a new stake in shares of Corteva in the first quarter valued at $25,000. Rise Advisors LLC boosted its holdings in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock valued at $27,000 after purchasing an additional 454 shares during the period. Albion Financial Group UT grew its stake in Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Finally, Ironwood Wealth Management Inc. increased its holdings in Corteva by 106.1% during the 1st quarter. Ironwood Wealth Management Inc. now owns 544 shares of the company’s stock worth $31,000 after purchasing an additional 280 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Performance

Shares of Corteva stock opened at $57.85 on Wednesday. Corteva, Inc. has a 12 month low of $43.22 and a 12 month high of $58.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The stock has a market capitalization of $40.32 billion, a price-to-earnings ratio of 73.23, a PEG ratio of 1.60 and a beta of 0.77. The firm’s fifty day simple moving average is $54.86 and its 200-day simple moving average is $54.82.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $6.15 billion. During the same period last year, the company earned $1.60 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, equities analysts forecast that Corteva, Inc. will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

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

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of analyst reports. KeyCorp lowered their price objective on Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Wells Fargo & Company dropped their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Mizuho dropped their target price on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, June 18th. Finally, 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 report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $61.94.

Corteva 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.