Factory Mutual Insurance Co. Has $38.98 Million Stock Holdings in Corteva, Inc. (NYSE:CTVA)

Factory Mutual Insurance Co. increased its position in shares of Corteva, Inc. (NYSE:CTVA) by 8.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 663,058 shares of the company’s stock after buying an additional 53,500 shares during the quarter. Factory Mutual Insurance Co. owned about 0.10% of Corteva worth $38,981,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its stake in shares of Corteva by 1,058.7% in the third quarter. Exchange Traded Concepts LLC now owns 2,329 shares of the company’s stock valued at $137,000 after buying an additional 2,128 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in Corteva by 7.4% in the 3rd quarter. Valeo Financial Advisors LLC now owns 9,592 shares of the company’s stock valued at $564,000 after acquiring an additional 659 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in Corteva by 537.6% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,965 shares of the company’s stock valued at $174,000 after purchasing an additional 2,500 shares during the last quarter. Strong Tower Advisory Services increased its holdings in Corteva by 44.2% during the 3rd quarter. Strong Tower Advisory Services now owns 33,028 shares of the company’s stock worth $1,942,000 after purchasing an additional 10,127 shares in the last quarter. Finally, Pinnacle Bancorp Inc. raised its stake in shares of Corteva by 26.1% in the third quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock worth $57,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 81.54% of the company’s stock.

Analyst Ratings Changes

CTVA has been the subject of a number of analyst reports. Wells Fargo & Company lowered their price target on Corteva from $67.00 to $65.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Mizuho reduced their price objective on shares of Corteva from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, June 18th. JPMorgan Chase & Co. dropped their target price on shares of Corteva from $57.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.94.

Corteva Stock Performance

Shares of NYSE:CTVA traded up $0.29 during trading on Friday, hitting $56.84. 2,883,631 shares of the company were exchanged, compared to its average volume of 3,279,934. Corteva, Inc. has a 52-week low of $43.22 and a 52-week high of $59.08. The stock has a 50 day moving average of $55.64 and a 200 day moving average of $55.04. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $39.62 billion, a PE ratio of 71.95, a P/E/G ratio of 1.66 and a beta of 0.77.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.09. Corteva had a return on equity of 7.30% and a net margin of 5.31%. The firm had revenue of $6.11 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. As a group, equities research analysts predict that Corteva, Inc. will post 2.66 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.20%. This is a boost from Corteva’s previous quarterly dividend of $0.16. Corteva’s dividend payout ratio is presently 86.08%.

About Corteva

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.