Industrial Alliance Investment Management Inc. Raises Stake in Corteva, Inc. (NYSE:CTVA)

Industrial Alliance Investment Management Inc. boosted its position in Corteva, Inc. (NYSE:CTVA) by 25.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,088 shares of the company’s stock after buying an additional 830 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Corteva were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Redmont Wealth Advisors LLC bought a new position in shares of Corteva during the first quarter valued at approximately $25,000. Acadian Asset Management LLC bought a new position in Corteva in the first quarter worth $25,000. Rise Advisors LLC raised its holdings in Corteva by 2,522.2% in the first quarter. Rise Advisors LLC now owns 472 shares of the company’s stock worth $27,000 after purchasing an additional 454 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in Corteva in the fourth quarter worth $28,000. Finally, Scarborough Advisors LLC bought a new position in Corteva in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Corteva Stock Up 0.6 %

Shares of NYSE CTVA traded up $0.31 during mid-day trading on Wednesday, hitting $55.84. The company had a trading volume of 1,033,495 shares, compared to its average volume of 3,388,940. The company has a market capitalization of $38.92 billion, a PE ratio of 70.29, a price-to-earnings-growth ratio of 1.50 and a beta of 0.77. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.51 and a quick ratio of 0.97. Corteva, Inc. has a 1-year low of $43.22 and a 1-year high of $58.76. The business’s 50-day simple moving average is $53.63 and its 200 day simple moving average is $53.81.

Corteva (NYSE:CTVA) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. Corteva had a return on equity of 6.68% and a net margin of 3.32%. The business had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same period last year, the firm earned $1.16 earnings per share. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, analysts predict that Corteva, Inc. will post 2.78 earnings per share for the current year.

Corteva Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.17 dividend. The ex-dividend date is Tuesday, September 3rd. This is a boost from Corteva’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.22%. Corteva’s dividend payout ratio (DPR) is currently 81.01%.

Insider Buying and Selling at Corteva

In other Corteva news, insider Samuel R. Eathington sold 31,686 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the sale, the insider now directly owns 53,854 shares in the company, valued at $3,104,144.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Cornel B. Fuerer sold 39,736 shares of Corteva stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $57.41, for a total transaction of $2,281,243.76. Following the sale, the senior vice president now owns 126,628 shares in the company, valued at $7,269,713.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samuel R. Eathington sold 31,686 shares of Corteva stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $57.64, for a total value of $1,826,381.04. Following the sale, the insider now owns 53,854 shares in the company, valued at approximately $3,104,144.56. The disclosure for this sale can be found here. Insiders have sold a total of 83,556 shares of company stock worth $4,795,016 over the last ninety days. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CTVA. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $65.00 price objective on shares of Corteva in a report on Wednesday, June 12th. KeyCorp raised their price target on Corteva from $63.00 to $66.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. BMO Capital Markets increased their price objective on Corteva from $64.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Mizuho dropped their price objective on Corteva from $61.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, June 18th. Finally, OTR Global reaffirmed a “negative” rating on shares of Corteva in a research report on Friday, June 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Corteva presently has an average rating of “Moderate Buy” and an average price target of $63.00.

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.