November 10, 2019 at 5:08 pm

Kornitzer Capital Management Inc. KS Reduces Stake in Corteva (NYSE:CTVA)

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Kornitzer Capital Management Inc. KS lowered its stake in Corteva (NYSE:CTVA) by 22.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 155,526 shares of the company’s stock after selling 44,996 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Corteva were worth $4,355,000 as of its most recent SEC filing.

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Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Oakview Capital Management L.P. purchased a new position in shares of Corteva during the second quarter valued at approximately $23,058,000. Legacy Advisors LLC purchased a new position in shares of Corteva during the second quarter valued at approximately $210,000. Gateway Investment Advisers LLC purchased a new position in shares of Corteva during the second quarter valued at approximately $15,124,000. Cullen Frost Bankers Inc. purchased a new position in shares of Corteva during the second quarter valued at approximately $629,000. Finally, Bridge Creek Capital Management LLC purchased a new position in shares of Corteva during the second quarter valued at approximately $5,559,000. Institutional investors own 72.44% of the company’s stock.

Several brokerages have issued reports on CTVA. Royal Bank of Canada upgraded Corteva from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $29.00 to $38.00 in a research report on Friday, August 9th. JPMorgan Chase & Co. lowered Corteva from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $30.00 to $27.00 in a research report on Friday, November 1st. Monness Crespi & Hardt assumed coverage on Corteva in a research report on Wednesday, July 17th. They set a “sell” rating and a $24.00 target price for the company. Barclays set a $32.00 price target on Corteva and gave the company a “hold” rating in a report on Friday, November 1st. Finally, SunTrust Banks lowered their price target on Corteva from $30.00 to $28.00 and set a “hold” rating for the company in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. Corteva presently has an average rating of “Hold” and an average price target of $31.50.

In other Corteva news, EVP Timothy P. Glenn acquired 5,150 shares of Corteva stock in a transaction that occurred on Monday, November 4th. The stock was bought at an average price of $26.13 per share, with a total value of $134,569.50. Also, SVP Cornel B. Fuerer acquired 2,000 shares of Corteva stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $26.13 per share, with a total value of $52,260.00. Insiders purchased 29,368 shares of company stock valued at $838,567 in the last quarter.

Shares of NYSE CTVA traded up $0.05 during trading hours on Friday, reaching $26.20. The stock had a trading volume of 2,974,773 shares, compared to its average volume of 5,615,176. The company has a fifty day moving average price of $26.80. Corteva has a 52-week low of $24.35 and a 52-week high of $32.78.

Corteva (NYSE:CTVA) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.39) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.07. The firm had revenue of $1.91 billion during the quarter, compared to analysts’ expectations of $1.97 billion. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. Equities research analysts anticipate that Corteva will post 1.24 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Friday, November 29th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.98%.

About Corteva

Corteva, Inc provides agriculture products worldwide. The company develops and supplies germplasm and traits in corn, soybean, and sunflower seed markets. It also supplies products to the agricultural input industry that protect against weeds, insects and other pests, and diseases, as well as to enhance crop health.

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Institutional Ownership by Quarter for Corteva (NYSE:CTVA)

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