Short Interest in Corteva, Inc. (NYSE:CTVA) Increases By 11.0%

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CTVA. Sanctuary Advisors LLC acquired a new position in Corteva during the second quarter valued at approximately $4,639,000. Clearbridge Investments LLC grew its stake in Corteva by 62.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,444,780 shares of the company’s stock valued at $77,931,000 after buying an additional 557,571 shares during the last quarter. EP Wealth Advisors LLC raised its holdings in Corteva by 10.6% in the 2nd quarter. EP Wealth Advisors LLC now owns 9,460 shares of the company’s stock worth $510,000 after acquiring an additional 905 shares during the period. Brandes Investment Partners LP lifted its position in Corteva by 10.2% during the 2nd quarter. Brandes Investment Partners LP now owns 2,868,735 shares of the company’s stock worth $154,691,000 after acquiring an additional 265,411 shares during the last quarter. Finally, Kimelman & Baird LLC bought a new stake in Corteva during the second quarter valued at about $420,000. 81.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CTVA has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Argus lowered Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. OTR Global reissued a “negative” rating on shares of Corteva in a research note on Friday, June 7th. Finally, Mizuho reduced their price target on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.94.

Corteva Stock Up 1.0 %

Shares of Corteva stock traded up $0.56 on Friday, hitting $58.58. 2,434,492 shares of the company traded hands, compared to its average volume of 3,329,683. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. Corteva has a 12-month low of $43.22 and a 12-month high of $59.08. The company has a 50-day moving average price of $55.02 and a 200 day moving average price of $54.88. The company has a market cap of $40.83 billion, a PE ratio of 74.15, a PEG ratio of 1.68 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, beating the consensus estimate of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.60 EPS. Sell-side analysts predict that Corteva will post 2.69 earnings per share 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 paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is 86.08%.

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.