Kimelman & Baird LLC Invests $420,000 in Corteva, Inc. (NYSE:CTVA)

Kimelman & Baird LLC purchased a new stake in Corteva, Inc. (NYSE:CTVA) in the second quarter, Holdings Channel reports. The firm purchased 7,786 shares of the company’s stock, valued at approximately $420,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CTVA. William B. Walkup & Associates Inc. purchased a new stake in Corteva in the second quarter worth about $244,000. NewEdge Advisors LLC lifted its position in shares of Corteva by 8.0% in the 2nd quarter. NewEdge Advisors LLC now owns 29,684 shares of the company’s stock worth $1,601,000 after purchasing an additional 2,195 shares during the period. Creative Planning boosted its stake in shares of Corteva by 5.1% during the second quarter. Creative Planning now owns 137,558 shares of the company’s stock valued at $7,420,000 after purchasing an additional 6,705 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Corteva during the second quarter valued at approximately $30,901,000. Finally, Legal & General Group Plc raised its stake in Corteva by 0.9% in the second quarter. Legal & General Group Plc now owns 6,741,972 shares of the company’s stock worth $363,662,000 after buying an additional 61,127 shares in the last quarter. Institutional investors own 81.54% of the company’s stock.

Corteva Trading Up 1.0 %

NYSE CTVA opened at $58.58 on Monday. The company has a market capitalization of $40.83 billion, a PE ratio of 74.15, a P/E/G ratio of 1.68 and a beta of 0.77. Corteva, Inc. has a 1 year low of $43.22 and a 1 year high of $59.08. The company has a fifty day moving average of $55.02 and a 200 day moving average of $54.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, July 31st. The company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $6.11 billion during the quarter, compared to analysts’ expectations of $6.15 billion. Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.60 earnings per share. Research analysts forecast that Corteva, Inc. will post 2.69 earnings per share for the current year.

Corteva Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Tuesday, September 3rd. This is an increase from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio (DPR) is 86.08%.

Analyst Upgrades and Downgrades

CTVA has been the topic of several recent research reports. Wells Fargo & Company dropped their target price on Corteva from $67.00 to $65.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $65.00 price objective on shares of Corteva in a research report on Wednesday, June 12th. Mizuho reduced their target price on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, June 18th. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Corteva in a report on Tuesday, September 24th. Finally, Argus downgraded shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $61.94.

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.