Short Interest in Corteva (NYSE:CTVA) Expands By 6.7%

Corteva (NYSE:CTVA) was the target of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 30,890,000 shares, a growth of 6.7% from the January 15th total of 28,940,000 shares. Based on an average daily trading volume, of 6,380,000 shares, the days-to-cover ratio is currently 4.8 days. Currently, 4.1% of the shares of the stock are short sold.

Corteva stock traded up $0.11 during midday trading on Friday, reaching $30.71. 3,895,483 shares of the company were exchanged, compared to its average volume of 5,523,470. The company has a market capitalization of $23.03 billion and a price-to-earnings ratio of 21.48. The firm’s 50-day simple moving average is $29.06 and its 200-day simple moving average is $28.01. Corteva has a 1 year low of $24.10 and a 1 year high of $32.78.

Corteva (NYSE:CTVA) last posted its quarterly earnings data on Thursday, January 30th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.19. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.91 billion. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.10) EPS. On average, sell-side analysts expect that Corteva will post 1.51 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on the company. Susquehanna Bancshares downgraded Corteva from a “positive” rating to a “neutral” rating and cut their price target for the stock from $36.00 to $34.00 in a research note on Tuesday, February 4th. Redburn Partners assumed coverage on Corteva in a research note on Tuesday, November 12th. They set a “buy” rating for the company. Barclays set a $32.00 price target on Corteva and gave the stock a “hold” rating in a research note on Friday, November 1st. Sanford C. Bernstein raised Corteva from a “market perform” rating to an “outperform” rating and set a $39.00 price target for the company in a research note on Thursday, January 23rd. Finally, Loop Capital downgraded Corteva from a “hold” rating to a “sell” rating and set a $23.00 price target for the company. in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $31.56.

In other news, CEO James C. Jr. Collins purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was acquired at an average price of $25.50 per share, with a total value of $127,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors grew its holdings in shares of Corteva by 188.4% during the 4th quarter. Captrust Financial Advisors now owns 88,500 shares of the company’s stock worth $2,543,000 after purchasing an additional 57,816 shares during the period. Bluefin Trading LLC purchased a new stake in shares of Corteva during the 4th quarter worth about $585,000. AQR Capital Management LLC grew its holdings in shares of Corteva by 1,211.7% during the 4th quarter. AQR Capital Management LLC now owns 270,587 shares of the company’s stock worth $7,901,000 after purchasing an additional 249,958 shares during the period. Bank of America Corp DE grew its holdings in shares of Corteva by 12.5% during the 4th quarter. Bank of America Corp DE now owns 8,249,373 shares of the company’s stock worth $243,851,000 after purchasing an additional 919,616 shares during the period. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Corteva by 15.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,711,292 shares of the company’s stock worth $80,146,000 after purchasing an additional 369,862 shares during the period. Institutional investors own 75.10% of the company’s stock.

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.

Further Reading: Price to Earnings Ratio (PE) Basics

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