Corteva, Inc. (NYSE:CTVA) Stock Short Interest Report for October

Corteva, Inc. (NYSE:CTVA) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 38,568,625 shares, an increase of 78.3% from the September 30th total of 21,627,627 shares. Based on an average daily volume of 53,342,342 shares, the days-to-cover ratio is presently 0.7 days. Currently, 5.8% of the shares of the stock are sold short.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Corteva during the second quarter valued at about $4,560,180,000. Wellington Management Group LLP increased its position in shares of Corteva by 941.7% during the 2nd quarter. Wellington Management Group LLP now owns 7,612,704 shares of the company’s stock valued at $644,720,000 after purchasing an additional 6,881,875 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Corteva by 202.1% during the 1st quarter. Royal Bank of Canada now owns 7,458,624 shares of the company’s stock valued at $624,362,000 after buying an additional 4,989,371 shares in the last quarter. Jupiter Topco LLC purchased a new position in shares of Corteva during the 2nd quarter valued at about $544,246,000. Finally, Bank of America Corp DE bought a new stake in Corteva in the 2nd quarter worth approximately $484,927,000. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the topic of several analyst reports. KeyCorp upgraded Corteva from a “sector weight” rating to an “overweight” rating and set a $17.00 price target on the stock in a research report on Wednesday, October 7th. Weiss Ratings lowered shares of Corteva from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. raised shares of Corteva from a “neutral” rating to an “overweight” rating and set a $19.00 price objective for the company in a research note on Tuesday, October 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $18.00 target price on shares of Corteva in a report on Friday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $101.00 target price on shares of Corteva in a research note on Monday, August 3rd. Sixteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.59.

Corteva Price Performance

Shares of CTVA traded down $0.10 during trading hours on Tuesday, reaching $11.81. 3,271,291 shares of the company’s stock traded hands, compared to its average volume of 7,592,506. Corteva has a 12 month low of $11.24 and a 12 month high of $90.97. The company has a current ratio of 1.52, a quick ratio of 1.10 and a debt-to-equity ratio of 0.07. The stock has a market cap of $7.88 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 1.59 and a beta of 0.57. The firm’s 50 day simple moving average is $50.49 and its 200-day simple moving average is $72.25.

Corteva Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, December 1st. This is a drop from Corteva’s previous quarterly dividend of $0.18. This represents a $0.20 annualized dividend and a yield of 1.7%. Corteva’s dividend payout ratio (DPR) is presently 47.68%.

Corteva Company Profile

Corteva, Inc (NYSE: CTVA) is an agriculture company that develops and supplies products and services designed to help farmers improve crop productivity, protect yields and manage agricultural challenges. Its business is organized primarily around seed and crop protection products.

The company’s seed portfolio includes branded corn, soybean, cotton, sunflower, canola and other crop varieties, supported by plant genetics and biotechnology. Its crop protection business offers herbicides, insecticides, fungicides and seed-applied treatments, along with biological and digital agriculture solutions intended to support crop health and farm-management decisions.

Corteva was formed through the separation of the agriculture division of DowDuPont and became an independent public company in 2019.