Quantitative Systematic Strategies LLC acquired a new stake in Covanta Holding Corp. (NYSE:CVA) during the second quarter, Holdings Channel reports. The institutional investor acquired 10,536 shares of the company’s stock, valued at approximately $171,000.
Other hedge funds have also recently bought and sold shares of the company. Raymond James Trust N.A. purchased a new stake in Covanta Holding Corp. during the second quarter valued at about $179,000. IBM Retirement Fund increased 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 valued at $194,000 after buying an additional 108 shares in the last quarter. Eqis Capital Management Inc. purchased a new stake in Covanta Holding Corp. during the second quarter valued at about $203,000. Credit Agricole S A purchased a new stake in Covanta Holding Corp. during the first quarter valued at about $209,000. Finally, BNP Paribas Arbitrage SA increased its stake in Covanta Holding Corp. by 53.3% in the second quarter. BNP Paribas Arbitrage SA now owns 14,431 shares of the company’s stock valued at $237,000 after buying an additional 5,020 shares in the last quarter. 80.14% of the stock is owned by institutional investors and hedge funds.
Shares of Covanta Holding Corp. (NYSE:CVA) traded up 1.33% during trading on Tuesday, hitting $15.20. 702,243 shares of the stock were exchanged. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.17. The company has a market cap of $1.96 billion, a P/E ratio of 44.06 and a beta of 0.57. The firm’s 50-day moving average is $15.05 and its 200 day moving average is $15.94.
Covanta Holding Corp. (NYSE:CVA) last released its earnings results 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 firm earned $418 million during the quarter, compared to the consensus estimate of $410.38 million. During the same period in the prior year, the business posted ($0.06) earnings per share. Covanta Holding Corp.’s quarterly revenue was up 2.5% compared to the same quarter last year. Equities analysts forecast that Covanta Holding Corp. will post ($0.11) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Monday, October 3rd were paid a $0.25 dividend. The ex-dividend date was Thursday, September 29th. This represents a $1.00 annualized dividend and a dividend yield of 6.58%. Covanta Holding Corp.’s dividend payout ratio is presently 322.58%.
Several analysts recently issued reports on the stock. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Covanta Holding Corp. in a report on Friday, September 23rd. Zacks Investment Research upgraded shares of Covanta Holding Corp. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Barclays PLC cut their target price on shares of 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. Imperial Capital cut their target price on shares of 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. Finally, Macquarie began coverage on shares of Covanta Holding Corp. in a research note on Thursday, August 25th. They set a “neutral” rating and a $18.00 target price for the company. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $18.00.
In related news, Director Ronald J. Broglio sold 4,500 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $15.78, for a total value of $71,010.00. Following the completion of the transaction, the director now directly owns 4,529 shares of the company’s stock, valued at $71,467.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.80% of the stock is currently owned by corporate insiders.
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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