Primecap Management Co. CA Trims Stock Position in DuPont de Nemours, Inc. $DD

Primecap Management Co. CA trimmed its stake in DuPont de Nemours, Inc. (NYSE:DD) by 13.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,210,569 shares of the basic materials company’s stock after selling 346,223 shares during the period. Primecap Management Co. CA owned approximately 0.53% of DuPont de Nemours worth $151,623,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of DuPont de Nemours by 1.6% during the second quarter. Vanguard Group Inc. now owns 47,664,223 shares of the basic materials company’s stock worth $3,269,289,000 after purchasing an additional 769,600 shares in the last quarter. Geode Capital Management LLC increased its position in DuPont de Nemours by 4.8% during the second quarter. Geode Capital Management LLC now owns 10,782,760 shares of the basic materials company’s stock worth $736,487,000 after buying an additional 496,691 shares during the period. Nuveen LLC purchased a new stake in DuPont de Nemours in the first quarter valued at approximately $531,037,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of DuPont de Nemours by 21.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,159,807 shares of the basic materials company’s stock valued at $310,656,000 after acquiring an additional 746,364 shares during the period. Finally, Boston Partners grew its position in shares of DuPont de Nemours by 36.6% during the second quarter. Boston Partners now owns 3,483,001 shares of the basic materials company’s stock worth $238,924,000 after acquiring an additional 932,575 shares during the last quarter. 73.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Steven P. Larrabee sold 43,208 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $77.17, for a total value of $3,334,361.36. Following the completion of the sale, the senior vice president owned 38,585 shares in the company, valued at $2,977,604.45. This trade represents a 52.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 74,208 shares of company stock valued at $5,714,861. Company insiders own 0.61% of the company’s stock.

DuPont de Nemours Price Performance

Shares of DD opened at $37.86 on Thursday. The company has a current ratio of 1.41, a quick ratio of 0.94 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average is $68.38 and its two-hundred day moving average is $70.48. DuPont de Nemours, Inc. has a twelve month low of $22.50 and a twelve month high of $41.23. The firm has a market capitalization of $15.86 billion, a PE ratio of -80.56, a P/E/G ratio of 2.49 and a beta of 1.11.

DuPont de Nemours (NYSE:DD) last issued its earnings results on Monday, July 11th. The basic materials company reported $0.69 earnings per share (EPS) for the quarter. DuPont de Nemours had a positive return on equity of 7.85% and a negative net margin of 1.54%.The business had revenue of $3.02 billion during the quarter. Research analysts anticipate that DuPont de Nemours, Inc. will post 4.38 earnings per share for the current year.

DuPont de Nemours declared that its Board of Directors has initiated a share buyback plan on Thursday, November 6th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 12.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

DuPont de Nemours Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.1%. DuPont de Nemours’s dividend payout ratio is -43.48%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DD. KeyCorp decreased their price target on shares of DuPont de Nemours from $93.00 to $44.00 and set an “overweight” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. decreased their target price on shares of DuPont de Nemours from $104.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Citigroup raised their price target on DuPont de Nemours from $38.90 to $47.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DuPont de Nemours in a research note on Thursday, November 13th. Finally, UBS Group increased their price objective on DuPont de Nemours to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.92.

About DuPont de Nemours

DuPont de Nemours, Inc provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through Electronics & Industrial, Water & Protection, and Corporate & Other segments. The Electronics & Industrial segment supplies materials and solutions for the fabrication of semiconductors and integrated circuits.