Gofen & Glossberg LLC IL lowered its holdings in Corteva (NYSE:CTVA) by 18.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 133,325 shares of the company’s stock after selling 29,306 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Corteva were worth $3,733,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Litman Gregory Asset Management LLC purchased a new position in shares of Corteva in the 2nd quarter valued at approximately $26,000. Executive Wealth Management LLC purchased a new position in Corteva during the second quarter valued at $27,000. Roble Belko & Company Inc purchased a new position in Corteva during the second quarter valued at $29,000. Compagnie Lombard Odier SCmA purchased a new position in Corteva during the second quarter valued at $29,000. Finally, SRS Capital Advisors Inc. purchased a new position in Corteva during the second quarter valued at $30,000. Institutional investors and hedge funds own 72.17% of the company’s stock.
CTVA has been the subject of a number of recent research reports. Loop Capital initiated coverage on Corteva in a research note on Monday, July 1st. They set a “hold” rating and a $31.00 price objective for the company. Monness Crespi & Hardt initiated coverage on Corteva in a research note on Wednesday, July 17th. They set a “sell” rating and a $24.00 price objective for the company. Barclays reiterated a “hold” rating and set a $35.00 price objective on shares of Corteva in a research note on Sunday, August 4th. Citigroup lowered their price objective on Corteva from $34.50 to $31.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Royal Bank of Canada upgraded Corteva from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $29.00 to $38.00 in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $32.00.
Corteva (NYSE:CTVA) last posted its earnings results on Thursday, August 1st. The company reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.43. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.47 billion. Corteva’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Corteva will post 1.17 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Friday, November 29th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Wednesday, November 27th.
In other news, Director Klaus A. Engel acquired 18,393 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was bought at an average price of $30.00 per share, with a total value of $551,790.00. Following the completion of the acquisition, the director now directly owns 25,253 shares of the company’s stock, valued at approximately $757,590. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Timothy P. Glenn acquired 6,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $30.52 per share, with a total value of $198,380.00.
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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