Envestnet Asset Management Inc. cut its position in Covanta Holding Corporation (NYSE:CVA) by 8.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,998 shares of the energy company’s stock after selling 3,284 shares during the period. Envestnet Asset Management Inc.’s holdings in Covanta Holding Corporation were worth $564,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Covanta Holding Corporation during the fourth quarter valued at $45,446,000. GSA Capital Partners LLP purchased a new stake in Covanta Holding Corporation during the fourth quarter worth approximately $417,000. Lee Financial Co boosted its stake in Covanta Holding Corporation by 19.9% in the first quarter. Lee Financial Co now owns 66,306 shares of the energy company’s stock worth $1,041,000 after buying an additional 11,005 shares during the last quarter. OLD National Bancorp IN boosted its stake in Covanta Holding Corporation by 46.1% in the first quarter. OLD National Bancorp IN now owns 30,668 shares of the energy company’s stock worth $481,000 after buying an additional 9,677 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new position in Covanta Holding Corporation during the first quarter worth about $653,000. Hedge funds and other institutional investors own 89.98% of the company’s stock.
Shares of Covanta Holding Corporation (NYSE CVA) traded down 0.37% during mid-day trading on Monday, reaching $13.35. 887,777 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $14.26 and a 200-day moving average price of $15.16. Covanta Holding Corporation has a 1-year low of $13.00 and a 1-year high of $17.09. The company’s market capitalization is $1.72 billion.
Covanta Holding Corporation (NYSE:CVA) last released its quarterly earnings results on Tuesday, April 25th. The energy company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by $0.16. The firm had revenue of $404 million for the quarter, compared to analyst estimates of $399.69 million. Covanta Holding Corporation had a negative return on equity of 8.88% and a negative net margin of 0.94%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.19) earnings per share. On average, equities research analysts forecast that Covanta Holding Corporation will post ($0.09) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Thursday, June 29th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 27th. This represents a $1.00 annualized dividend and a yield of 7.49%. Covanta Holding Corporation’s payout ratio is currently -714.23%.
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A number of analysts have recently weighed in on CVA shares. Zacks Investment Research lowered shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. BidaskClub upgraded shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. BMO Capital Markets initiated coverage on shares of Covanta Holding Corporation in a report on Thursday, June 29th. They issued a “market perform” rating and a $16.00 price objective for the company. Barclays PLC upgraded shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and lowered their price target for the stock from $16.00 to $15.00 in a report on Wednesday, July 12th. Finally, Robert W. Baird upgraded shares of Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a research report on Monday, May 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.20.
In other Covanta Holding Corporation news, Director Ronald J. Broglio sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $14.33, for a total transaction of $42,990.00. Following the transaction, the director now owns 8,672 shares in the company, valued at approximately $124,269.76. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Stephen J. Jones purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, April 27th. The stock was acquired at an average price of $14.48 per share, for a total transaction of $144,800.00. Following the purchase, the insider now owns 167,232 shares in the company, valued at approximately $2,421,519.36. The disclosure for this purchase can be found here. Company insiders own 11.60% of the company’s stock.
Covanta Holding Corporation Company Profile
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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