Arlington Partners LLC Lowers Holdings in Corteva, Inc. $CTVA

Key Points

• Arlington Partners LLC reduced its holdings in Corteva, Inc. by 6.8% during the 2nd quarter, resulting in ownership of 66,522 shares valued at approximately $4.96 million.
• Corteva's latest earnings report revealed $2.20 earnings per share, surpassing estimates by $0.31, with a quarterly revenue of $6.46 billion, a 5.6% increase year-over-year.
• The company announced a dividend increase to $0.18 per share, translating to an annualized yield of 1.0%, effective for investors of record on September 2nd.

Arlington Partners LLC decreased its holdings in Corteva, Inc. (NYSE:CTVA - Free Report) by 6.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,522 shares of the company's stock after selling 4,840 shares during the period. Corteva accounts for about 1.8% of Arlington Partners LLC's holdings, making the stock its 5th biggest position. Arlington Partners LLC's holdings in Corteva were worth $4,958,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Pinney & Scofield Inc. bought a new position in shares of Corteva in the fourth quarter valued at approximately $27,000. Maryland Capital Advisors Inc. bought a new stake in Corteva during the second quarter worth about $29,000. Valley National Advisers Inc. boosted its stake in Corteva by 85.9% in the first quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after buying an additional 243 shares in the last quarter. Richardson Capital Management LLC bought a new position in shares of Corteva during the 1st quarter valued at $37,000. Finally, von Borstel & Associates Inc. purchased a new position in shares of Corteva in the first quarter worth about $44,000. Hedge funds and other institutional investors own 81.54% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CTVA shares. Wall Street Zen upgraded shares of Corteva from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Jefferies Financial Group restated a "buy" rating on shares of Corteva in a report on Friday, June 6th. Oppenheimer set a $87.00 price target on shares of Corteva and gave the company an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley set a $84.00 target price on shares of Corteva in a research report on Monday, September 15th. Finally, UBS Group increased their price target on shares of Corteva from $90.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Corteva has an average rating of "Moderate Buy" and a consensus price target of $82.00.

Corteva Stock Down 1.4%

CTVA traded down $1.01 during midday trading on Monday, reaching $69.85. The company's stock had a trading volume of 2,808,561 shares, compared to its average volume of 4,618,223. Corteva, Inc. has a 1 year low of $53.40 and a 1 year high of $77.41. The stock's 50-day moving average is $72.46 and its 200-day moving average is $68.58. The firm has a market capitalization of $47.44 billion, a price-to-earnings ratio of 34.07, a PEG ratio of 1.62 and a beta of 0.78. The company has a current ratio of 1.68, a quick ratio of 1.23 and a debt-to-equity ratio of 0.06.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.31. Corteva had a return on equity of 8.68% and a net margin of 8.16%.The firm had revenue of $6.46 billion for the quarter, compared to analysts' expectations of $6.26 billion. During the same period in the previous year, the firm posted $1.83 EPS. The business's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, research analysts expect that Corteva, Inc. will post 2.96 EPS for the current year.

Corteva Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Corteva's previous quarterly dividend of $0.17. Corteva's dividend payout ratio (DPR) is presently 35.12%.

Insider Buying and Selling

In other Corteva news, EVP Robert D. King sold 37,280 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $74.20, for a total transaction of $2,766,176.00. Following the completion of the sale, the executive vice president directly owned 49,262 shares in the company, valued at approximately $3,655,240.40. This trade represents a 43.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.15% of the company's stock.

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.