Kornitzer Capital Management Inc. KS lessened its stake in shares of Corteva (NYSE:CTVA) by 22.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,526 shares of the company’s stock after selling 44,996 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Corteva were worth $4,355,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of CTVA. Neville Rodie & Shaw Inc. bought a new position in Corteva during the 2nd quarter valued at approximately $1,659,000. Park National Corp OH bought a new position in Corteva during the 2nd quarter valued at approximately $1,981,000. Private Asset Management Inc. bought a new position in Corteva during the 2nd quarter valued at approximately $654,000. Fulton Bank N.A. purchased a new stake in Corteva during the 2nd quarter valued at $208,000. Finally, Summit Financial Group Inc. purchased a new stake in Corteva during the 2nd quarter valued at $422,000. 72.44% of the stock is owned by institutional investors.
CTVA has been the topic of several recent analyst reports. Zacks Investment Research upgraded Corteva from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. downgraded Corteva from an “overweight” rating to a “neutral” rating and cut their target price for the company from $30.00 to $27.00 in a research note on Friday, November 1st. Royal Bank of Canada upgraded Corteva from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $29.00 to $38.00 in a research note on Friday, August 9th. Citigroup cut their target price on Corteva from $34.50 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Barclays set a $32.00 target price on Corteva and gave the company a “hold” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. Corteva currently has a consensus rating of “Hold” and a consensus price target of $31.50.
In other news, Director Klaus A. Engel purchased 18,393 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of $30.00 per share, for a total transaction of $551,790.00. Following the purchase, the director now directly owns 25,253 shares in the company, valued at approximately $757,590. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Timothy P. Glenn purchased 5,150 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $26.13 per share, for a total transaction of $134,569.50. Over the last 90 days, insiders bought 29,368 shares of company stock worth $838,567.
Shares of CTVA stock traded up $0.05 on Friday, reaching $26.20. The stock had a trading volume of 2,974,773 shares, compared to its average volume of 5,615,176. Corteva has a 1 year low of $24.35 and a 1 year high of $32.78. The stock’s 50 day simple moving average is $26.80.
Corteva (NYSE:CTVA) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.07. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.97 billion. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts expect that Corteva will post 1.24 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, November 29th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%.
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.
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