Norden Group LLC Acquires Shares of 36,764 Corteva, Inc. (NYSE:CTVA)

Norden Group LLC bought a new position in shares of Corteva, Inc. (NYSE:CTVA) during the 1st quarter, HoldingsChannel reports. The fund bought 36,764 shares of the company’s stock, valued at approximately $2,120,000.

Other large investors also recently added to or reduced their stakes in the company. Evergreen Capital Management LLC increased its position in Corteva by 9.5% during the third quarter. Evergreen Capital Management LLC now owns 7,642 shares of the company’s stock worth $391,000 after purchasing an additional 662 shares during the last quarter. Lido Advisors LLC increased its holdings in shares of Corteva by 18.3% during the 3rd quarter. Lido Advisors LLC now owns 14,853 shares of the company’s stock worth $760,000 after buying an additional 2,301 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Corteva by 2.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,059,855 shares of the company’s stock valued at $105,382,000 after buying an additional 45,986 shares during the period. Royal London Asset Management Ltd. lifted its holdings in Corteva by 3.9% in the third quarter. Royal London Asset Management Ltd. now owns 274,127 shares of the company’s stock valued at $14,026,000 after acquiring an additional 10,387 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. purchased a new position in Corteva in the third quarter worth approximately $111,000. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Corteva Stock Performance

Shares of Corteva stock opened at $52.48 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.51 and a debt-to-equity ratio of 0.10. Corteva, Inc. has a 52 week low of $43.22 and a 52 week high of $58.76. The firm’s 50 day moving average is $54.63 and its two-hundred day moving average is $52.92. The firm has a market capitalization of $36.58 billion, a P/E ratio of 66.43, a P/E/G ratio of 1.41 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. The firm had revenue of $4.49 billion during the quarter, compared to analysts’ expectations of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. Corteva’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. Research analysts forecast that Corteva, Inc. will post 2.8 EPS for the current fiscal year.

Corteva Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th were given a $0.16 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.22%. Corteva’s dividend payout ratio (DPR) is 81.01%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CTVA shares. Canaccord Genuity Group lifted their target price on Corteva from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $57.00 price objective (down from $58.00) on shares of Corteva in a report on Friday, April 12th. OTR Global reaffirmed a “negative” rating on shares of Corteva in a research note on Friday, June 7th. BMO Capital Markets boosted their price target on shares of Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.00.

Insider Buying and Selling

In other news, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $56.65, for a total value of $687,391.10. Following the completion of the sale, the insider now directly owns 13,495 shares of the company’s stock, valued at $764,491.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $57.41, for a total value of $2,281,243.76. Following the transaction, the senior vice president now directly owns 126,628 shares in the company, valued at approximately $7,269,713.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brian Titus sold 12,134 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $56.65, for a total transaction of $687,391.10. Following the transaction, the insider now owns 13,495 shares of the company’s stock, valued at approximately $764,491.75. The disclosure for this sale can be found here. Insiders sold a total of 83,556 shares of company stock worth $4,795,016 in the last 90 days. Company insiders own 0.20% of the company’s stock.

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.