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

Corteva, Inc. (NYSE:CTVA) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 7,710,000 shares, a decrease of 11.0% from the August 15th total of 8,660,000 shares. Based on an average trading volume of 3,040,000 shares, the short-interest ratio is presently 2.5 days. Currently, 1.1% of the company’s stock are sold short.

Corteva Stock Performance

Shares of NYSE CTVA traded up $0.77 during midday trading on Tuesday, hitting $57.04. 1,922,521 shares of the company’s stock were exchanged, compared to its average volume of 3,319,169. Corteva has a 12 month low of $43.22 and a 12 month high of $58.76. The company’s 50 day moving average price is $54.21 and its 200 day moving average price is $54.66. The company has a quick ratio of 1.17, a current ratio of 1.72 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $39.76 billion, a PE ratio of 72.25, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77.

Corteva (NYSE:CTVA) last posted its earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. During the same quarter last year, the company posted $1.60 EPS. Corteva’s quarterly revenue was up 1.1% compared to the same quarter last year. As a group, analysts predict that Corteva will post 2.69 earnings per share for the current fiscal year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a $0.17 dividend. This is an increase from Corteva’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.19%. Corteva’s dividend payout ratio is presently 86.08%.

Wall Street Analysts Forecast Growth

CTVA has been the topic of several recent research reports. Argus downgraded Corteva from a “buy” rating to a “hold” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price target on Corteva from $57.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. OTR Global restated a “negative” rating on shares of Corteva in a report on Friday, June 7th. Finally, Wells Fargo & Company lowered their price target on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.67.

Hedge Funds Weigh In On Corteva

A number of large investors have recently made changes to their positions in CTVA. &PARTNERS boosted its holdings in Corteva by 4.3% in the 1st quarter. &PARTNERS now owns 4,829 shares of the company’s stock valued at $278,000 after purchasing an additional 200 shares during the period. Herr Investment Group LLC increased its stake in Corteva by 2.8% during the 1st quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock worth $427,000 after acquiring an additional 200 shares during the period. Azzad Asset Management Inc. ADV raised its holdings in Corteva by 0.4% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 48,200 shares of the company’s stock valued at $2,600,000 after acquiring an additional 203 shares in the last quarter. Albion Financial Group UT lifted its position in shares of Corteva by 77.2% during the 1st quarter. Albion Financial Group UT now owns 505 shares of the company’s stock valued at $29,000 after acquiring an additional 220 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Corteva by 1.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 17,986 shares of the company’s stock worth $1,037,000 after purchasing an additional 227 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

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.