Covanta Holding Corp. (NYSE:CVA) – Analysts at Wedbush increased their Q3 2016 earnings estimates for shares of Covanta Holding Corp. in a research note issued to investors on Thursday. Wedbush analyst A. Kaschalk now forecasts that the firm will post earnings of $0.17 per share for the quarter, up from their prior estimate of $0.16. Wedbush also issued estimates for Covanta Holding Corp.’s FY2017 earnings at $0.14 EPS.
Covanta Holding Corp. (NYSE:CVA) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.17. The company earned $418 million during the quarter, compared to analysts’ expectations of $410.38 million. Covanta Holding Corp. had a negative return on equity of 3.48% and a net margin of 2.69%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) EPS.
Several other equities research analysts also recently issued reports on CVA. Zacks Investment Research downgraded Covanta Holding Corp. from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 20th. Imperial Capital reduced their price objective on Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, July 28th. Barclays PLC reduced their price objective on Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 9th. Macquarie started coverage on Covanta Holding Corp. in a research note on Thursday, August 25th. They issued a “neutral” rating and a $18.00 price objective for the company. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $20.00 price objective on shares of Covanta Holding Corp. in a research note on Friday, September 23rd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $18.00.
Covanta Holding Corp. (NYSE:CVA) traded up 0.754% during trading on Friday, hitting $15.375. The stock had a trading volume of 332,841 shares. The company’s 50-day moving average is $14.95 and its 200 day moving average is $16.11. Covanta Holding Corp. has a 52 week low of $12.48 and a 52 week high of $18.36. The firm has a market cap of $1.98 billion, a PE ratio of 44.565 and a beta of 0.61.
Hedge funds have recently added to or reduced their stakes in the stock. IBM Retirement Fund raised its stake in Covanta Holding Corp. by 0.9% in the second quarter. IBM Retirement Fund now owns 11,769 shares of the company’s stock worth $194,000 after buying an additional 108 shares during the period. OLD National Bancorp IN raised its stake in Covanta Holding Corp. by 0.7% in the second quarter. OLD National Bancorp IN now owns 21,490 shares of the company’s stock worth $354,000 after buying an additional 140 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in Covanta Holding Corp. by 2.2% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,763 shares of the company’s stock worth $144,000 after buying an additional 185 shares during the period. Glenmede Trust Co. NA raised its stake in Covanta Holding Corp. by 5.5% in the second quarter. Glenmede Trust Co. NA now owns 9,507 shares of the company’s stock worth $156,000 after buying an additional 496 shares during the period. Finally, Utah Retirement Systems raised its stake in Covanta Holding Corp. by 3.4% in the second quarter. Utah Retirement Systems now owns 21,165 shares of the company’s stock worth $348,000 after buying an additional 700 shares during the period. 80.15% of the stock is currently owned by hedge funds and other institutional investors.
In other Covanta Holding Corp. news, Director Ronald J. Broglio sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the sale, the director now owns 4,529 shares of the company’s stock, valued at approximately $71,467.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 11.80% of the stock is owned by company insiders.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Monday, October 3rd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend is Thursday, September 29th. Covanta Holding Corp.’s dividend payout ratio (DPR) is currently 322.58%.
Covanta Holding Corp. 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. 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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