SG Americas Securities LLC Has $1.89 Million Stake in Corteva, Inc. (NYSE:CTVA)

Posted by Defense World Staff on Sep 22nd, 2023

SG Americas Securities LLC lifted its holdings in shares of Corteva, Inc. (NYSE:CTVA – Free Report) by 220.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,944 shares of the company’s stock after buying an additional 22,673 shares during the quarter. SG Americas Securities LLC’s holdings in Corteva were worth $1,888,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Kingsview Wealth Management LLC grew its position in shares of Corteva by 2.0% during the 3rd quarter. Kingsview Wealth Management LLC now owns 7,660 shares of the company’s stock worth $438,000 after buying an additional 153 shares during the period. Strong Tower Advisory Services grew its position in shares of Corteva by 1.4% during the 1st quarter. Strong Tower Advisory Services now owns 12,154 shares of the company’s stock worth $733,000 after buying an additional 168 shares during the period. Mastrapasqua Asset Management Inc. grew its holdings in Corteva by 0.7% during the first quarter. Mastrapasqua Asset Management Inc. now owns 23,892 shares of the company’s stock valued at $1,441,000 after purchasing an additional 175 shares during the period. Quadrant Capital Group LLC grew its holdings in Corteva by 2.7% during the fourth quarter. Quadrant Capital Group LLC now owns 6,730 shares of the company’s stock valued at $396,000 after purchasing an additional 176 shares during the period. Finally, Lindbrook Capital LLC grew its holdings in Corteva by 7.1% during the first quarter. Lindbrook Capital LLC now owns 2,705 shares of the company’s stock valued at $163,000 after purchasing an additional 179 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

Insiders Place Their Bets

In related news, CFO David J. Anderson acquired 2,000 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were purchased at an average cost of $52.97 per share, for a total transaction of $105,940.00. Following the completion of the acquisition, the chief financial officer now directly owns 65,308 shares in the company, valued at $3,459,364.76. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. UBS Group upgraded shares of Corteva from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $63.00 to $67.00 in a report on Tuesday, September 5th. Redburn Partners cut shares of Corteva from a “buy” rating to a “neutral” rating in a report on Tuesday, July 25th. Mizuho decreased their price objective on shares of Corteva from $74.00 to $72.00 and set a “buy” rating for the company in a report on Monday, August 7th. Wells Fargo & Company decreased their price objective on shares of Corteva from $74.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, August 7th. Finally, Argus cut their price target on shares of Corteva from $78.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, August 17th. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.41.

Read Our Latest Report on Corteva

Corteva Stock Performance

NYSE CTVA opened at $51.53 on Friday. The company has a current ratio of 1.66, a quick ratio of 1.12 and a debt-to-equity ratio of 0.09. The firm’s fifty day moving average price is $52.77 and its two-hundred day moving average price is $56.34. Corteva, Inc. has a 1 year low of $48.68 and a 1 year high of $68.43. The firm has a market capitalization of $36.57 billion, a P/E ratio of 39.94, a price-to-earnings-growth ratio of 1.40 and a beta of 0.81.

Corteva (NYSE:CTVA – Get Free Report) last posted its quarterly earnings results on Friday, August 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. Corteva had a net margin of 5.26% and a return on equity of 7.78%. The firm had revenue of $6.05 billion for the quarter, compared to analyst estimates of $6.44 billion. During the same period in the prior year, the firm posted $1.64 earnings per share. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, research analysts anticipate that Corteva, Inc. will post 2.83 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a dividend of $0.16 per share. This is a positive change from Corteva’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend was Thursday, August 31st. Corteva’s dividend payout ratio is 49.61%.

About Corteva

(Free Report)

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.