Corteva (NYSE:CTVA) Shares Gap Down on Disappointing Earnings

Corteva, Inc. (NYSE:CTVA)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $61.74, but opened at $58.00. Corteva shares last traded at $57.65, with a volume of 1,610,950 shares changing hands.

The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.18). Corteva had a net margin of 5.31% and a return on equity of 7.30%. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.69 billion.

Corteva Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.19%. The ex-dividend date of this dividend is Monday, December 2nd. Corteva’s payout ratio is currently 52.31%.

Analysts Set New Price Targets

CTVA has been the topic of a number of research reports. Bank of America upgraded Corteva from a “neutral” rating to a “buy” rating and raised their price target for the stock from $59.00 to $67.00 in a research note on Wednesday, October 16th. Argus lowered shares of Corteva from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Corteva in a research note on Tuesday, September 24th. Citigroup initiated coverage on shares of Corteva in a research note on Wednesday, October 23rd. They issued a “buy” rating and a $68.00 price objective on the stock. Finally, KeyCorp decreased their target price on shares of Corteva from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. One equities 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. Based on data from MarketBeat.com, Corteva presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.84.

Hedge Funds Weigh In On Corteva

Hedge funds have recently bought and sold shares of the company. Rovin Capital UT ADV raised its position in Corteva by 1.3% during the third quarter. Rovin Capital UT ADV now owns 12,822 shares of the company’s stock worth $754,000 after acquiring an additional 168 shares during the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Corteva by 44.4% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 566 shares of the company’s stock worth $33,000 after purchasing an additional 174 shares in the last quarter. Proffitt & Goodson Inc. raised its position in shares of Corteva by 2.2% during the 3rd quarter. Proffitt & Goodson Inc. now owns 8,030 shares of the company’s stock worth $472,000 after purchasing an additional 174 shares during the last quarter. Pinnacle Bancorp Inc. lifted its stake in Corteva by 26.1% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 962 shares of the company’s stock valued at $57,000 after buying an additional 199 shares in the last quarter. Finally, Herr Investment Group LLC grew its holdings in Corteva by 2.8% during the 1st quarter. Herr Investment Group LLC now owns 7,400 shares of the company’s stock valued at $427,000 after buying an additional 200 shares during the last quarter. 81.54% of the stock is owned by hedge funds and other institutional investors.

Corteva Trading Down 7.1 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.17 and a current ratio of 1.72. The business has a fifty day simple moving average of $58.14 and a 200 day simple moving average of $55.55. The stock has a market cap of $39.72 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.75 and a beta of 0.77.

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.