Olstein Capital Management L.P. Raises Position in Corteva, Inc. (NYSE:CTVA)

Olstein Capital Management L.P. grew its position in Corteva, Inc. (NYSE:CTVA) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 162,960 shares of the company’s stock after purchasing an additional 3,960 shares during the quarter. Corteva makes up 1.6% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 12th largest position. Olstein Capital Management L.P.’s holdings in Corteva were worth $9,580,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CTVA. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Corteva by 14.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 948,127 shares of the company’s stock worth $54,678,000 after acquiring an additional 121,817 shares in the last quarter. Intech Investment Management LLC raised its stake in Corteva by 69.5% during the 1st quarter. Intech Investment Management LLC now owns 52,557 shares of the company’s stock worth $3,031,000 after acquiring an additional 21,545 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in Corteva by 295.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 94,896 shares of the company’s stock worth $5,473,000 after acquiring an additional 70,924 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Corteva by 5.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 851,742 shares of the company’s stock worth $51,369,000 after acquiring an additional 44,528 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Corteva by 51.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 123,621 shares of the company’s stock worth $6,668,000 after acquiring an additional 41,943 shares in the last quarter. 81.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CTVA shares. KeyCorp cut their price target on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company lowered their price objective on shares of Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley reissued an “overweight” rating and set a $65.00 price objective on shares of Corteva in a research report 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 objective on the stock. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.84.

Corteva Trading Down 5.7 %

CTVA traded down $3.52 during trading on Thursday, hitting $58.22. 1,452,254 shares of the company’s stock were exchanged, compared to its average volume of 3,234,121. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $63.75. The stock has a 50 day moving average price of $58.14 and a 200 day moving average price of $55.55. The firm has a market cap of $40.30 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.75 and a beta of 0.77.

Corteva (NYSE:CTVA) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.18). Corteva had a return on equity of 7.30% and a net margin of 5.31%. The business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.69 billion. As a group, analysts expect that Corteva, Inc. will post 2.66 EPS for the current fiscal year.

Corteva Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.17 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.17%. Corteva’s dividend payout ratio (DPR) is presently 52.31%.

Corteva Company Profile

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.