New Buy Rating for Corteva (CTVA), the Basic Materials Giant

Argus Research analyst Alexandra Yates maintained a Buy rating on Corteva on October 10 and set a price target of $80.00. The company’s shares closed last Friday at $61.83.

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Yates covers the Basic Materials sector, focusing on stocks such as Corteva, Air Products and Chemicals, and Ashland. According to TipRanks, Yates has an average return of 16.7% and a 55.56% success rate on recommended stocks.

In addition to Argus Research, Corteva also received a Buy from Barclays’s Benjamin Theurer in a report issued on October 9. However, on October 3, Citi downgraded Corteva (NYSE: CTVA) to a Hold.

Based on Corteva’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $6.46 billion and a net profit of $1.31 billion. In comparison, last year the company earned a revenue of $6.11 billion and had a net profit of $1.05 billion

Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CTVA in relation to earlier this year. Last month, Robert D. King, the EVP, Crop Protection Business of CTVA sold 37,280.00 shares for a total of $2,765,803.20.