Shares of Corteva, Inc. (NYSE:CTVA - Get Free Report) 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 trading hands.
The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.18). The firm had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.69 billion. Corteva had a return on equity of 7.30% and a net margin of 5.31%.
Corteva Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva's payout ratio is 52.31%.
Wall Street Analyst Weigh In
Several analysts have weighed in on CTVA shares. UBS Group raised their price target on Corteva from $67.00 to $71.00 and gave the company a "buy" rating in a report on Thursday. Citigroup assumed coverage on shares of Corteva in a research report on Wednesday, October 23rd. They set a "buy" rating and a $68.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of Corteva from $57.00 to $55.00 and set a "neutral" rating for the company in a research note on Friday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Corteva from $67.00 to $65.00 and set an "overweight" rating on the stock in a research report on Friday, August 2nd. Finally, Bank of America raised shares of Corteva from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $59.00 to $67.00 in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, Corteva presently has an average rating of "Moderate Buy" and an average target price of $63.21.
Get Our Latest Report on CTVA
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the company. Rovin Capital UT ADV grew its holdings in Corteva by 1.3% in the 3rd quarter. Rovin Capital UT ADV now owns 12,822 shares of the company's stock worth $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company's stock worth $33,000 after purchasing an additional 174 shares during the last quarter. Proffitt & Goodson Inc. increased its holdings in Corteva by 2.2% during the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company's stock valued at $472,000 after purchasing an additional 174 shares during the period. Pinnacle Bancorp Inc. raised its position in Corteva by 26.1% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company's stock valued at $57,000 after purchasing an additional 199 shares during the last quarter. Finally, Herr Investment Group LLC lifted its holdings in Corteva by 2.8% in the 1st quarter. Herr Investment Group LLC now owns 7,400 shares of the company's stock worth $427,000 after buying an additional 200 shares during the period. 81.54% of the stock is owned by hedge funds and other institutional investors.
Corteva Trading Down 5.0 %
The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The stock has a market capitalization of $40.59 billion, a P/E ratio of 45.00, a price-to-earnings-growth ratio of 1.76 and a beta of 0.77. The stock has a 50-day moving average price of $58.14 and a two-hundred day moving average price of $55.55.
About Corteva
(
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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.
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