Yaupon Capital Management LP Buys Shares of 429,934 Corteva, Inc. $CTVA

Key Points

• Yaupon Capital Management LP acquired 429,934 shares of Corteva, Inc. valued at approximately $27 million, making it their 18th largest position.
$2.20 per share for the recent quarter, exceeding analysts' expectations, and its revenue increased by 5.6% year-over-year.
• The company recently declared a quarterly dividend of $0.18 per share, raising its annualized dividend to $0.72 with a yield of 1.0%.

Yaupon Capital Management LP purchased a new stake in shares of Corteva, Inc. (NYSE:CTVA - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 429,934 shares of the company's stock, valued at approximately $27,056,000. Corteva makes up 1.4% of Yaupon Capital Management LP's portfolio, making the stock its 18th biggest position. Yaupon Capital Management LP owned 0.06% of Corteva at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinney & Scofield Inc. acquired a new stake in shares of Corteva in the fourth quarter worth approximately $27,000. Valley National Advisers Inc. increased its holdings in Corteva by 85.9% during the 1st quarter. Valley National Advisers Inc. now owns 526 shares of the company's stock worth $33,000 after purchasing an additional 243 shares during the period. Richardson Capital Management LLC purchased a new stake in Corteva during the 1st quarter worth about $37,000. von Borstel & Associates Inc. acquired a new position in shares of Corteva during the 1st quarter worth about $44,000. Finally, Horizon Financial Services LLC boosted its position in shares of Corteva by 4,444.4% during the 1st quarter. Horizon Financial Services LLC now owns 818 shares of the company's stock worth $51,000 after acquiring an additional 800 shares in the last quarter. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert D. King sold 37,280 shares of the stock in a transaction on Friday, August 29th. The stock was 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company's stock.

Corteva Stock Performance

CTVA stock traded up $2.08 on Friday, reaching $75.07. The company's stock had a trading volume of 6,598,066 shares, compared to its average volume of 3,369,057. Corteva, Inc. has a 52 week low of $53.40 and a 52 week high of $77.41. The company has a market capitalization of $50.98 billion, a P/E ratio of 36.62, a price-to-earnings-growth ratio of 1.67 and a beta of 0.78. The firm has a fifty day moving average of $73.03 and a two-hundred day moving average of $68.11. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.68 and a quick ratio of 1.23.

Corteva (NYSE:CTVA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $2.20 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $6.26 billion. During the same period last year, the company posted $1.83 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. As a group, analysts predict that Corteva, Inc. will post 2.96 EPS for the current fiscal year.

Corteva Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.18 per share. This is a positive change from Corteva's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. Corteva's dividend payout ratio is 35.12%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Citigroup cut Corteva from a "neutral" rating to a "mixed" rating in a research report on Friday, September 5th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Corteva in a research note on Friday, June 6th. KeyCorp raised their price target on Corteva from $84.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Zacks Research raised Corteva to a "hold" rating in a research report on Friday, August 8th. Finally, Barclays raised Corteva from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $75.00 to $84.00 in a research report on Wednesday, August 13th. Twelve research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $80.25.

Corteva 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.