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Why the Market Dipped But Corteva, Inc. (CTVA) Gained Today
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Corteva, Inc. (CTVA - Free Report) closed at $48.63 in the latest trading session, marking a +0.45% move from the prior day. This change outpaced the S&P 500's 1.43% loss on the day. Elsewhere, the Dow saw a downswing of 0.32%, while the tech-heavy Nasdaq depreciated by 2.43%.
The the stock of agriculture has fallen by 4.69% in the past month, lagging the Consumer Staples sector's loss of 2.91% and the S&P 500's loss of 1.55%.
Market participants will be closely following the financial results of Corteva, Inc. in its upcoming release. The company plans to announce its earnings on November 8, 2023. The company is forecasted to report an EPS of -$0.22, showcasing an 83.33% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $2.74 billion, showing a 1.23% drop compared to the year-ago quarter.
CTVA's full-year Zacks Consensus Estimates are calling for earnings of $2.79 per share and revenue of $17.93 billion. These results would represent year-over-year changes of +4.49% and +2.73%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Corteva, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.61% lower within the past month. Currently, Corteva, Inc. is carrying a Zacks Rank of #4 (Sell).
Looking at valuation, Corteva, Inc. is presently trading at a Forward P/E ratio of 17.38. Its industry sports an average Forward P/E of 14.9, so one might conclude that Corteva, Inc. is trading at a premium comparatively.
Also, we should mention that CTVA has a PEG ratio of 1.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Agriculture - Operations industry was having an average PEG ratio of 1.31.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 65, finds itself in the top 26% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why the Market Dipped But Corteva, Inc. (CTVA) Gained Today
Corteva, Inc. (CTVA - Free Report) closed at $48.63 in the latest trading session, marking a +0.45% move from the prior day. This change outpaced the S&P 500's 1.43% loss on the day. Elsewhere, the Dow saw a downswing of 0.32%, while the tech-heavy Nasdaq depreciated by 2.43%.
The the stock of agriculture has fallen by 4.69% in the past month, lagging the Consumer Staples sector's loss of 2.91% and the S&P 500's loss of 1.55%.
Market participants will be closely following the financial results of Corteva, Inc. in its upcoming release. The company plans to announce its earnings on November 8, 2023. The company is forecasted to report an EPS of -$0.22, showcasing an 83.33% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $2.74 billion, showing a 1.23% drop compared to the year-ago quarter.
CTVA's full-year Zacks Consensus Estimates are calling for earnings of $2.79 per share and revenue of $17.93 billion. These results would represent year-over-year changes of +4.49% and +2.73%, respectively.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Corteva, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 1.61% lower within the past month. Currently, Corteva, Inc. is carrying a Zacks Rank of #4 (Sell).
Looking at valuation, Corteva, Inc. is presently trading at a Forward P/E ratio of 17.38. Its industry sports an average Forward P/E of 14.9, so one might conclude that Corteva, Inc. is trading at a premium comparatively.
Also, we should mention that CTVA has a PEG ratio of 1.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Agriculture - Operations industry was having an average PEG ratio of 1.31.
The Agriculture - Operations industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 65, finds itself in the top 26% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.