Nordea Investment Management AB boosted its stake in Covanta Holding Corp. (NYSE:CVA) by 25.4% during the second quarter, Holdings Channel reports. The firm owned 172,100 shares of the company’s stock after buying an additional 34,900 shares during the period. Nordea Investment Management AB’s holdings in Covanta Holding Corp. were worth $2,831,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of CVA. Quantitative Systematic Strategies LLC bought a new position in Covanta Holding Corp. during the second quarter valued at approximately $171,000. Benedict Financial Advisors Inc. increased its position in Covanta Holding Corp. by 3.7% in the second quarter. Benedict Financial Advisors Inc. now owns 36,106 shares of the company’s stock valued at $605,000 after buying an additional 1,281 shares in the last quarter. GW&K Investment Management LLC increased its position in Covanta Holding Corp. by 6.3% in the second quarter. GW&K Investment Management LLC now owns 1,307,402 shares of the company’s stock valued at $21,507,000 after buying an additional 77,307 shares in the last quarter. WESPAC Advisors LLC bought a new position in Covanta Holding Corp. during the second quarter valued at approximately $495,000. Finally, Bank of Montreal Can bought a new position in Covanta Holding Corp. during the second quarter valued at approximately $11,701,000. 80.14% of the stock is currently owned by hedge funds and other institutional investors.
Covanta Holding Corp. (NYSE:CVA) traded down 1.32% during midday trading on Wednesday, reaching $15.00. 963,705 shares of the company traded hands. Covanta Holding Corp. has a one year low of $12.48 and a one year high of $18.17. The firm has a 50-day moving average price of $15.05 and a 200-day moving average price of $15.94. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 43.48 and a beta of 0.57.
Covanta Holding Corp. (NYSE:CVA) last issued its quarterly earnings data on Tuesday, July 26th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.05) by $0.17. Covanta Holding Corp. had a net margin of 2.69% and a negative return on equity of 3.48%. The company had revenue of $418 million for the quarter, compared to the consensus estimate of $410.38 million. During the same quarter last year, the business posted ($0.06) earnings per share. Covanta Holding Corp.’s revenue was up 2.5% on a year-over-year basis. Equities analysts predict that Covanta Holding Corp. will post ($0.11) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 7th. Shareholders of record on Monday, October 3rd were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.67%. The ex-dividend date was Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio (DPR) is presently 322.58%.
Several research firms have commented on CVA. Zacks Investment Research downgraded shares of Covanta Holding Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 20th. Imperial Capital decreased their price target on shares of Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, July 28th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $20.00 price target on shares of Covanta Holding Corp. in a research note on Friday, September 23rd. Barclays PLC decreased their price target on shares of Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 9th. Finally, Macquarie assumed coverage on shares of Covanta Holding Corp. in a research note on Thursday, August 25th. They issued a “neutral” rating and a $18.00 price target on the stock. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Covanta Holding Corp. has a consensus rating of “Buy” and a consensus target price of $18.00.
In other news, Director Ronald J. Broglio sold 4,500 shares of Covanta Holding Corp. stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total transaction of $71,010.00. Following the sale, the director now directly owns 4,529 shares in the company, valued at approximately $71,467.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.80% of the company’s stock.
About Covanta Holding Corp.
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. It 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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