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

Corteva, Inc. (NYSE:CTVA) gapped down prior to trading on Thursday following a dissappointing earnings announcement. 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) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.18). The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.69 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Monday, December 2nd. Corteva’s payout ratio is 52.31%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CTVA shares. Barclays upped their price target on Corteva from $58.00 to $62.00 and gave the company an “equal weight” rating in a research report on Friday. UBS Group increased their target price on Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup assumed coverage on Corteva in a research report on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 target price for the company. KeyCorp reduced 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. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $70.00 price objective (up previously from $69.00) on shares of Corteva in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.47.

Institutional Trading of Corteva

Institutional investors have recently added to or reduced their stakes in the business. Duality Advisers LP boosted its stake in shares of Corteva by 30.2% in 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 during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Corteva by 6.9% in 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 during the last quarter. Empowered Funds LLC boosted its stake in shares of Corteva by 55.4% in 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 during the last quarter. SG Americas Securities LLC boosted its stake in shares of Corteva by 279.5% in the 1st quarter. SG Americas Securities LLC now owns 120,952 shares of the company’s stock worth $6,975,000 after buying an additional 89,077 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Corteva by 1.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 24,212 shares of the company’s stock worth $1,396,000 after buying an additional 305 shares during the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Trading Down 0.5 %

The stock has a market capitalization of $40.38 billion, a PE ratio of 44.87, a P/E/G ratio of 1.76 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. The stock has a 50 day moving average price of $58.19 and a 200-day moving average price of $55.59.

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.