Gardner Russo & Gardner LLC bought a new stake in shares of Corteva (NYSE:CTVA) during the second quarter, Holdings Channel.com reports. The fund bought 15,306 shares of the company’s stock, valued at approximately $453,000.
Other large investors have also bought and sold shares of the company. Legacy Advisors LLC purchased a new position in Corteva in the 2nd quarter valued at about $210,000. Gateway Investment Advisers LLC purchased a new position in Corteva in the 2nd quarter valued at about $15,124,000. Cullen Frost Bankers Inc. purchased a new position in Corteva in the 2nd quarter valued at about $629,000. Bridge Creek Capital Management LLC purchased a new position in Corteva in the 2nd quarter valued at about $5,559,000. Finally, Cardinal Capital Management purchased a new position in Corteva in the 2nd quarter valued at about $709,000. Hedge funds and other institutional investors own 72.13% of the company’s stock.
A number of research analysts recently weighed in on CTVA shares. Loop Capital started coverage on shares of Corteva in a research note on Monday, July 1st. They issued a “hold” rating and a $31.00 price target on the stock. Argus started coverage on shares of Corteva in a research note on Thursday, June 20th. They issued a “hold” rating on the stock. Macquarie started coverage on shares of Corteva in a research note on Tuesday, June 4th. They issued an “outperform” rating on the stock. Monness Crespi & Hardt started coverage on shares of Corteva in a research note on Wednesday, July 17th. They issued a “sell” rating and a $24.00 price target on the stock. Finally, Jefferies Financial Group started coverage on shares of Corteva in a research note on Wednesday, May 29th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $32.25.
CTVA traded up $0.22 during trading on Friday, reaching $30.12. The company’s stock had a trading volume of 4,839,375 shares, compared to its average volume of 3,689,309. The stock has a fifty day simple moving average of $29.62. Corteva has a 1 year low of $24.35 and a 1 year high of $32.78.
Corteva (NYSE:CTVA) last released its earnings results on Thursday, August 1st. The company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.43. The business had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $5.47 billion. Corteva’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, sell-side analysts forecast that Corteva will post 1.2 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Wednesday, July 31st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Tuesday, July 30th.
In other Corteva news, Director Klaus A. Engel bought 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 purchase, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
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.
Further Reading: Why do analysts give a neutral rating?
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