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Florida Supreme Court Won't Hear Case Over DuPont Trust And Nemours Foundation
Published February 24, 2025 at 10:41 PM EST
The Florida Supreme Court has declined to take up a dispute about whether Delaware has been shortchanged in the distribution of money from a charitable trust tied to the late industrialist Alfred I. DuPont.
The Supreme Court issued three orders last week denying requests by the Florida Attorney General's Office and two other parties to review a decision by the 5th District Court of Appeal.
The appeals court said Delaware Attorney General Kathleen Jennings can pursue a lawsuit alleging a breach on a 50 percent limit on distribution of money to states other than Delaware.
Delaware was duPont's native state, but he moved to Jacksonville in the 1920s.
The appeals court opinion last year was part of decades of legal wrangling about a duPont charitable trust and the nonprofit Nemours Foundation, which was created with money from the trust and provides pediatric medical care in Florida and other states.
The appeals court opinion said "Mr. DuPont included in his will and in the trust documents specific, clear direction that the children and elderly of Delaware were to receive priority and were to be taken care of before expending trust funds on children or elderly residing elsewhere."
In addition, a lawsuit filed in the late 1970s led to a settlement that limited how much of the trust money distributed each year to Nemours could be spent outside Delaware. That limit was 50 percent.
Then-Delaware Attorney General Matthew Denn filed a lawsuit in 2017 against the trust and Nemours Foundation, alleging breach of contract and breach of trust duties. Florida intervened in the case on the side of the trust and foundation.
Along with the Florida Attorney General's Office, the trust and foundation also asked the Supreme Court to review the case.
As is common, the Supreme Court did not explain its decision for declining to take up the case.
Barclays Upgrades DuPont De Nemours (DD) To A Hold
In a report released today, Michael Leithead from Barclays upgraded DuPont de Nemours (DD – Research Report) to a Hold, with a price target of $89.00. The company's shares closed yesterday at $81.76.
Maximize Your Portfolio with Data Driven Insights:According to TipRanks, Leithead is a 4-star analyst with an average return of 3.9% and a 54.63% success rate. Leithead covers the Basic Materials sector, focusing on stocks such as Air Products and Chemicals, Olin, and DuPont de Nemours.
In addition to Barclays, DuPont de Nemours also received a Hold from Morgan Stanley's Vincent Andrews in a report issued on February 11. However, yesterday, Bank of America Securities maintained a Sell rating on DuPont de Nemours (NYSE: DD).
DD market cap is currently $31.87B and has a P/E ratio of 40.11.
Based on the recent corporate insider activity of 82 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 DD in relation to earlier this year. Most recently, in November 2024, Jon D. Kemp, the President of DD sold 6,100.00 shares for a total of $511,912.00.
DuPont De Nemours (NYSE:DD) Raised To Buy At StockNews.com
DuPont de Nemours (NYSE:DD – Get Free Report) was upgraded by equities research analysts at StockNews.Com from a "hold" rating to a "buy" rating in a report released on Thursday.
A number of other research analysts have also recently weighed in on the company. BMO Capital Markets lifted their price objective on DuPont de Nemours from $105.00 to $112.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Barclays raised shares of DuPont de Nemours from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $85.00 to $89.00 in a report on Thursday, February 13th. Wolfe Research raised shares of DuPont de Nemours from a "peer perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research note on Friday, January 17th. Wells Fargo & Company lowered their target price on shares of DuPont de Nemours from $107.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 12th. Finally, Citigroup increased their price target on DuPont de Nemours from $88.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.Com, DuPont de Nemours currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.75.
View Our Latest Analysis on DD
DuPont de Nemours Stock Down 1.4 % Want More Great Investing Ideas? Shares of DD stock opened at $81.67 on Thursday. The company has a 50 day simple moving average of $77.68 and a two-hundred day simple moving average of $81.20. The stock has a market cap of $34.14 billion, a P/E ratio of 48.90, a P/E/G ratio of 2.14 and a beta of 1.34. DuPont de Nemours has a 12 month low of $68.21 and a 12 month high of $90.06. The company has a current ratio of 1.33, a quick ratio of 0.88 and a debt-to-equity ratio of 0.22.DuPont de Nemours (NYSE:DD – Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The basic materials company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.98 by $0.15. DuPont de Nemours had a return on equity of 7.12% and a net margin of 5.47%. On average, research analysts expect that DuPont de Nemours will post 4.38 earnings per share for the current year.
Hedge Funds Weigh In On DuPont de NemoursSeveral institutional investors have recently added to or reduced their stakes in DD. Choreo LLC grew its holdings in shares of DuPont de Nemours by 23.4% in the fourth quarter. Choreo LLC now owns 43,307 shares of the basic materials company's stock valued at $3,296,000 after purchasing an additional 8,205 shares in the last quarter. Merit Financial Group LLC lifted its position in DuPont de Nemours by 36.4% during the fourth quarter. Merit Financial Group LLC now owns 18,496 shares of the basic materials company's stock valued at $1,410,000 after purchasing an additional 4,939 shares during the last quarter. Jennison Associates LLC lifted its position in DuPont de Nemours by 2.0% during the third quarter. Jennison Associates LLC now owns 491,028 shares of the basic materials company's stock valued at $43,756,000 after purchasing an additional 9,730 shares during the last quarter. Principal Financial Group Inc. Grew its stake in shares of DuPont de Nemours by 4.6% in the 3rd quarter. Principal Financial Group Inc. Now owns 490,704 shares of the basic materials company's stock worth $43,727,000 after buying an additional 21,435 shares in the last quarter. Finally, Oppenheimer & Co. Inc. Increased its holdings in shares of DuPont de Nemours by 38.4% in the 3rd quarter. Oppenheimer & Co. Inc. Now owns 36,082 shares of the basic materials company's stock worth $3,215,000 after buying an additional 10,012 shares during the last quarter. Hedge funds and other institutional investors own 73.96% of the company's stock.
DuPont de Nemours Company Profile(Get Free Report)
DuPont de Nemours, Inc provides technology-based materials and solutions in the United States, Canada, the Asia Pacific, Latin America, Europe, the Middle East, and Africa. It operates through Electronics & Industrial, Water & Protection, and Corporate & Other segments. The Electronics & Industrial segment supplies materials and solutions for the fabrication of semiconductors and integrated circuits.
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