Corteva (NYSE:CTVA) Sets New 52-Week Low – What’s Next?

Shares of Corteva, Inc. (NYSE:CTVA) reached a new 52-week low during mid-day trading on Tuesday. The company traded as low as $11.71 and last traded at $11.7450, with a volume of 6,838,295 shares. The stock had previously closed at $11.95.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTVA. UBS Group lowered their price target on shares of Corteva to $15.00 and set a “neutral” rating on the stock in a report on Monday, October 12th. JPMorgan Chase & Co. upgraded Corteva from a “neutral” rating to an “overweight” rating and set a $19.00 price objective for the company in a report on Tuesday, October 6th. Oppenheimer set a $17.00 price target on Corteva in a report on Monday, October 5th. KeyCorp upgraded shares of Corteva from a “sector weight” rating to an “overweight” rating and set a $17.00 price target on the stock in a report on Wednesday, October 7th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Corteva in a research note on Thursday, October 8th. Sixteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Corteva presently has an average rating of “Moderate Buy” and a consensus target price of $60.59.

Corteva Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.52 and a quick ratio of 1.10. The stock’s 50 day moving average price is $54.58 and its two-hundred day moving average price is $73.10. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 7.61, a PEG ratio of 1.74 and a beta of 0.57.

Corteva (NYSE:CTVA) last posted its earnings results on Thursday, July 30th. The company reported $2.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.06. The business had revenue of $6.38 billion for the quarter, compared to analyst estimates of $6.60 billion. Corteva had a net margin of 5.66% and a return on equity of 10.18%. Corteva’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $2.20 EPS. On average, equities research analysts anticipate that Corteva, Inc. will post 1.04 EPS for the current year.

Corteva Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.7%. This is a negative change from Corteva’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, December 1st. Corteva’s dividend payout ratio is currently 47.68%.

Hedge Funds Weigh In On Corteva

A number of institutional investors have recently made changes to their positions in CTVA. Greenleaf Trust grew its holdings in Corteva by 182.2% during the third quarter. Greenleaf Trust now owns 57,879 shares of the company’s stock worth $4,494,000 after purchasing an additional 37,368 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Corteva in the third quarter valued at approximately $14,332,000. Vise Technologies Inc. raised its stake in Corteva by 35.2% in the third quarter. Vise Technologies Inc. now owns 29,925 shares of the company’s stock valued at $2,324,000 after buying an additional 7,790 shares during the period. D.A. Davidson & CO. lifted its position in shares of Corteva by 4.2% in the third quarter. D.A. Davidson & CO. now owns 53,124 shares of the company’s stock valued at $4,125,000 after buying an additional 2,147 shares during the last quarter. Finally, North Dakota State Investment Board lifted its position in shares of Corteva by 39.5% in the third quarter. North Dakota State Investment Board now owns 28,084 shares of the company’s stock valued at $2,181,000 after buying an additional 7,959 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.

About Corteva

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.