Spire Wealth Management Reduces DuPont Holdings by 58% to $116K

Spire Wealth Management has significantly reduced its stake in DuPont de Nemours, Inc. (NYSE: DD), cutting its holdings by 58.2% during the second quarter of 2023. According to the fund’s latest 13F filing with the Securities and Exchange Commission (SEC), Spire Wealth now holds 1,685 shares of the basic materials company, valued at approximately $116,000 following the sale of 2,349 shares.

Other institutional investors have also adjusted their positions in DuPont de Nemours. Notably, Nuveen LLC initiated a new position in the company during the first quarter, valued at around $531 million. Additionally, Price T Rowe Associates Inc. MD increased its holdings by 21.9%, resulting in ownership of 4,159,807 shares worth approximately $310.7 million after acquiring an extra 746,364 shares during the same period. Strs Ohio and Valeo Financial Advisors LLC also made headlines by acquiring new shares and significantly boosting their positions, respectively.

Currently, institutional investors and hedge funds control approximately 73.96% of DuPont de Nemours’ stock.

DuPont Stock Performance and Analyst Ratings

DuPont de Nemours shares opened at $39.61 on Thursday, reflecting a 4.9% increase. The company’s market capitalization stands at $16.59 billion, with a price-to-earnings ratio of -84.28. The stock’s 50-day moving average is $75.83, while the 200-day moving average is $72.24. Over the past year, shares have fluctuated between a low of $22.50 and a high of $39.86.

In terms of earnings, DuPont reported $0.69 earnings per share and $3.02 billion in revenue for the quarter ending on July 11, 2023. Analysts forecast that the company will achieve an earnings per share of 4.38 this year. The company has a negative net margin of 1.54% but maintains a positive return on equity of 7.85%.

Recent analyst ratings reflect a mix of optimism and caution. KeyCorp lowered its target price from $93.00 to $44.00 while maintaining an “overweight” rating. Conversely, UBS Group raised its target price to $44.00 and issued a “buy” rating. Zacks Research downgraded the stock from a “hold” rating to a “strong sell,” while Royal Bank of Canada increased its price objective from $94.00 to $100.00, affirming an “outperform” rating. Overall, nine analysts rate the stock as a buy, four as a hold, and one as a sell, resulting in a consensus rating of “Moderate Buy” with an average target price of $77.08.

Insider Transactions and Company Profile

In insider transactions, Senior Vice President Steven P. Larrabee sold 43,208 shares of DuPont stock on September 15, 2023, at an average price of $77.17, totaling approximately $3.33 million. Following the sale, Larrabee retains 38,585 shares valued at nearly $2.98 million. Over the last quarter, insiders have sold a total of 74,208 shares worth about $5.71 million, indicating that insiders own roughly 0.61% of the company’s stock.

DuPont de Nemours, Inc. operates globally, providing technology-based materials and solutions across various segments, including Electronics & Industrial, Water & Protection, and Corporate & Other. Its Electronics & Industrial segment is particularly focused on supplying materials for semiconductor fabrication and integrated circuits.

As the market continues to evolve, investors will closely monitor DuPont’s performance and strategic decisions, particularly in light of recent adjustments by institutional investors.