Parallel Advisors LLC bought a new position in Corteva (NYSE:CTVA) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 22,483 shares of the company’s stock, valued at approximately $630,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Oakview Capital Management L.P. acquired a new stake in Corteva in the 2nd quarter valued at $23,058,000. Legacy Advisors LLC acquired a new stake in Corteva in the 2nd quarter valued at $210,000. Gateway Investment Advisers LLC acquired a new stake in Corteva in the 2nd quarter valued at $15,124,000. Cullen Frost Bankers Inc. acquired a new stake in Corteva in the 2nd quarter valued at $629,000. Finally, Bridge Creek Capital Management LLC acquired a new stake in Corteva in the 2nd quarter valued at $5,559,000. 72.44% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently issued reports on CTVA. Barclays set a $32.00 price target on Corteva and gave the company a “hold” rating in a report on Friday, November 1st. Citigroup lowered their price target on Corteva from $34.50 to $31.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. downgraded Corteva from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $30.00 to $27.00 in a report on Friday, November 1st. Monness Crespi & Hardt began coverage on Corteva in a report on Wednesday, July 17th. They issued a “sell” rating and a $24.00 price target for the company. Finally, SunTrust Banks lowered their price target on Corteva from $30.00 to $28.00 and set a “hold” rating for the company in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $31.50.
In other news, SVP Cornel B. Fuerer purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $26.13 per share, for a total transaction of $52,260.00. Also, Director Klaus A. Engel purchased 18,393 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was purchased at an average price of $30.00 per share, with a total value of $551,790.00. Following the completion of the purchase, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The disclosure for this purchase can be found here. Insiders have bought 29,368 shares of company stock valued at $838,567 over the last 90 days.
Shares of Corteva stock traded up $0.14 during trading hours on Friday, hitting $26.29. 30,107 shares of the company’s stock traded hands, compared to its average volume of 4,675,158. The stock has a 50 day moving average of $26.87. Corteva has a twelve month low of $24.35 and a twelve month high of $32.78.
Corteva (NYSE:CTVA) last announced its earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.07. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.97 billion. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Corteva will post 1.24 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.52 annualized dividend and a dividend yield of 1.98%.
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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