American Money Management LLC purchased a new position in shares of Corteva (NYSE:CTVA) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,833 shares of the company’s stock, valued at approximately $557,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Legacy Advisors LLC bought a new position in Corteva during the second quarter worth about $210,000. Gateway Investment Advisers LLC bought a new stake in Corteva during the 2nd quarter valued at $15,124,000. Cullen Frost Bankers Inc. bought a new stake in Corteva during the 2nd quarter valued at $629,000. Bridge Creek Capital Management LLC bought a new stake in Corteva during the 2nd quarter valued at $5,559,000. Finally, Cardinal Capital Management bought a new stake in Corteva during the 2nd quarter valued at $709,000. Institutional investors and hedge funds own 72.13% of the company’s stock.
In related news, Director Klaus A. Engel acquired 18,393 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were acquired at an average cost of $30.00 per share, with a total value of $551,790.00. Following the completion of the acquisition, the director now directly owns 25,253 shares in the company, valued at approximately $757,590. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.
CTVA has been the topic of a number of analyst reports. Deutsche Bank boosted their target price on shares of Corteva from $32.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Macquarie initiated coverage on shares of Corteva in a report on Tuesday, June 4th. They issued an “outperform” rating on the stock. Jefferies Financial Group started coverage on shares of Corteva in a report on Wednesday, May 29th. They issued a “buy” rating on the stock. Royal Bank of Canada upgraded shares of Corteva from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $29.00 to $38.00 in a research report on Friday, August 9th. Finally, Goldman Sachs Group began coverage on shares of Corteva in a report on Monday, June 3rd. They set a “neutral” rating and a $29.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $32.25.
Shares of CTVA traded up $0.08 during mid-day trading on Friday, hitting $29.98. The company’s stock had a trading volume of 16,674 shares, compared to its average volume of 3,766,631. The company has a 50-day moving average price of $29.58. Corteva has a 52-week low of $24.35 and a 52-week high of $32.78.
Corteva (NYSE:CTVA) last announced its quarterly earnings results on Thursday, August 1st. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.43. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.47 billion. Corteva’s revenue was down 3.1% compared to the same quarter last year. On average, equities analysts expect that Corteva will post 1.2 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Wednesday, July 31st will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.73%. The ex-dividend date is Tuesday, July 30th.
Corteva Company Profile
Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.
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