Short Interest in Corteva, Inc. (NYSE:CTVA) Rises By 26.5%

Corteva, Inc. (NYSE:CTVA) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 10,160,000 shares, a growth of 26.5% from the October 15th total of 8,030,000 shares. Based on an average daily trading volume, of 2,930,000 shares, the short-interest ratio is presently 3.5 days. Currently, 1.5% of the company’s shares are sold short.

Corteva Price Performance

Shares of Corteva stock traded down $2.20 during midday trading on Friday, hitting $55.21. 5,623,996 shares of the company were exchanged, compared to its average volume of 3,269,013. The firm has a 50 day simple moving average of $58.34 and a 200-day simple moving average of $55.67. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.50 and a quick ratio of 0.96. Corteva has a 52 week low of $43.89 and a 52 week high of $63.75. The firm has a market cap of $37.95 billion, a P/E ratio of 57.57, a PEG ratio of 1.85 and a beta of 0.77.

Corteva Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.23%. The ex-dividend date is Monday, December 2nd. Corteva’s dividend payout ratio is 68.69%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Bank of America raised Corteva from a “neutral” rating to a “buy” rating and lifted their price target for the company from $59.00 to $67.00 in a research note on Wednesday, October 16th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Citigroup initiated coverage on shares of Corteva in a report on Wednesday, October 23rd. They set a “buy” rating and a $68.00 price target for the company. Argus cut shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, UBS Group raised their price target on shares of Corteva from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, Corteva has an average rating of “Moderate Buy” and a consensus price target of $63.68.

Hedge Funds Weigh In On Corteva

Several hedge funds have recently added to or reduced their stakes in CTVA. Acadian Asset Management LLC bought a new position in Corteva in the first quarter valued at about $25,000. Capital Advisors Ltd. LLC lifted its stake in Corteva by 44.4% in the third quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock valued at $33,000 after buying an additional 174 shares during the period. Cultivar Capital Inc. acquired a new position in Corteva in the second quarter valued at about $34,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Corteva during the second quarter worth about $43,000. Finally, Triad Wealth Partners LLC bought a new position in Corteva in the second quarter valued at approximately $45,000. 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.