NEW YORK (TheStreet) -- Shares of DuPont (DD) were falling 5.9% to $69.98 on heavy trading volume Wednesday after the shareholders elected all of the chemical company's director nominees to its board of directors.
DuPont said that preliminary results show all 12 of the company's nominees were elected to the board, defeating the directors nominated by billionaire investor Nelson Peltz's Trian Fund Management.
"We are pleased with the outcome of the vote and especially appreciate the strong expressions of support from so many of our shareholders for our strategic transformation and the continued execution of our plan," DuPont Chair and CEO Ellen Kullman said in a statement.
"The vote was close," Trian said in a statement. "We greatly appreciate the support we received from the vast majority of institutional stockholders and mutual funds as well as the leading proxy advisory firms, who all recognize the need for change at DuPont. DuPont's board and management team have staked their reputations on executing the company's current strategy."
About 8.6 million shares of DuPont were traded by 10:04 a.m. Wednesday, above the company's average trading volume of about 5.2 million shares a day.
TheStreet Ratings team rates DU PONT (E I) DE NEMOURS as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DU PONT (E I) DE NEMOURS (DD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, notable return on equity and increase in stock price during the past year. We feel its strengths outweigh the fact that the company has had sub par growth in net income."