Corteva, Inc. (NYSE:CTVA) Stock Short Interest Report for October

Corteva, Inc. (NYSE:CTVA) saw a large increase in short interest in October. As of October 15th, there was short interest totaling 38,568,625 shares, an increase of 78.3% from the September 30th total of 21,627,627 shares. Based on an average daily volume of 53,342,342 shares, the short-interest ratio is currently 0.7 days. Approximately 5.8% of the company’s stock are short sold.

Corteva Stock Performance

NYSE:CTVA traded up $0.28 during trading hours on Monday, reaching $11.92. 20,381,391 shares of the stock were exchanged, compared to its average volume of 7,617,823. The company has a quick ratio of 1.10, a current ratio of 1.52 and a debt-to-equity ratio of 0.07. The firm has a 50 day simple moving average of $50.49 and a 200-day simple moving average of $72.25. Corteva has a 52 week low of $11.24 and a 52 week high of $90.97. The stock has a market capitalization of $7.95 billion, a P/E ratio of 7.89, a P/E/G ratio of 1.63 and a beta of 0.57.

Corteva (NYSE:CTVA) last issued its quarterly earnings results on Thursday, July 30th. The company reported $2.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.24 by $0.06. The business had revenue of $6.38 billion during the quarter, compared to the consensus estimate of $6.60 billion. Corteva had a return on equity of 10.18% and a net margin of 5.66%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.20 EPS. As a group, sell-side analysts forecast that Corteva will post 1.04 earnings per share for the current fiscal year.

Corteva Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.05 dividend. This is a drop from Corteva’s previous quarterly dividend of $0.18. This represents a $0.20 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, December 1st. Corteva’s dividend payout ratio is presently 13.25%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Corteva from $86.00 to $91.00 and gave the stock a “neutral” rating in a research report on Thursday, September 17th. Bank of America lifted their price target on shares of Corteva from $90.00 to $96.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Argus reaffirmed a “buy” rating and issued a $91.00 price target on shares of Corteva in a report on Friday, September 18th. Zacks Research downgraded shares of Corteva from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 6th. Finally, Oppenheimer set a $17.00 price objective on shares of Corteva in a report on Monday, October 5th. Sixteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.59.

Institutional Trading of Corteva

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Corteva in the 2nd quarter valued at about $4,560,180,000. Wellington Management Group LLP raised its stake in Corteva by 941.7% during the second quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock worth $644,720,000 after acquiring an additional 6,881,875 shares during the period. Royal Bank of Canada raised its stake in Corteva by 202.1% during the first quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock worth $624,362,000 after acquiring an additional 4,989,371 shares during the period. Jupiter Topco LLC acquired a new stake in Corteva during the second quarter worth about $544,246,000. Finally, Bank of America Corp DE bought a new position in Corteva in the second quarter worth about $484,927,000. Institutional investors own 81.54% of the company’s stock.

About Corteva

Corteva, Inc (NYSE: CTVA) is an agriculture company that develops and supplies products and services designed to help farmers improve crop productivity, protect yields and manage agricultural challenges. Its business is organized primarily around seed and crop protection products.

The company’s seed portfolio includes branded corn, soybean, cotton, sunflower, canola and other crop varieties, supported by plant genetics and biotechnology. Its crop protection business offers herbicides, insecticides, fungicides and seed-applied treatments, along with biological and digital agriculture solutions intended to support crop health and farm-management decisions.

Corteva was formed through the separation of the agriculture division of DowDuPont and became an independent public company in 2019.