Amalgamated Bank Reduces Holdings in Corteva, Inc. (NYSE:CTVA)

Amalgamated Bank decreased its position in shares of Corteva, Inc. (NYSE:CTVA) by 6.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 170,803 shares of the company’s stock after selling 11,198 shares during the period. Amalgamated Bank’s holdings in Corteva were worth $8,185,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Harris Associates L P purchased a new stake in Corteva in the 3rd quarter worth about $246,423,000. Van ECK Associates Corp lifted its stake in shares of Corteva by 78.7% during the 3rd quarter. Van ECK Associates Corp now owns 7,645,091 shares of the company’s stock worth $391,123,000 after acquiring an additional 3,366,106 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Corteva by 29.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,095,076 shares of the company’s stock valued at $567,624,000 after acquiring an additional 2,545,570 shares during the period. Vanguard Group Inc. grew its position in Corteva by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 81,346,924 shares of the company’s stock valued at $4,161,709,000 after acquiring an additional 1,941,323 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Corteva by 662.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,535,708 shares of the company’s stock worth $73,591,000 after purchasing an additional 1,334,415 shares during the period. Hedge funds and other institutional investors own 81.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTVA shares. Wells Fargo & Company upped their price target on shares of Corteva from $66.00 to $67.00 and gave the stock an “overweight” rating in a report on Friday. Canaccord Genuity Group raised their target price on shares of Corteva from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday. Wolfe Research started coverage on Corteva in a report on Friday, March 1st. They issued an “outperform” rating and a $67.00 price target for the company. UBS Group reduced their price objective on Corteva from $65.00 to $64.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Finally, Mizuho upped their target price on Corteva from $56.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.38.

Corteva Price Performance

NYSE CTVA opened at $57.16 on Friday. Corteva, Inc. has a 12-month low of $43.22 and a 12-month high of $60.57. The firm’s fifty day simple moving average is $55.37 and its two-hundred day simple moving average is $50.66. The company has a current ratio of 1.51, a quick ratio of 0.90 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $39.95 billion, a P/E ratio of 72.35, a P/E/G ratio of 1.50 and a beta of 0.78.

Corteva (NYSE:CTVA) last released its earnings results on Wednesday, May 1st. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.65 billion. Corteva had a net margin of 3.32% and a return on equity of 6.68%. Corteva’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 EPS. Analysts forecast that Corteva, Inc. will post 2.83 EPS for the current fiscal year.

Corteva Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Tuesday, June 4th. Corteva’s dividend payout ratio (DPR) is currently 81.01%.

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.