American International Group Inc. raised its stake in shares of Covanta Holding Corp (NYSE:CVA) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,609 shares of the energy company’s stock after purchasing an additional 5,878 shares during the quarter. American International Group Inc. owned 0.06% of Covanta worth $1,167,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in shares of Covanta by 41.6% in the 2nd quarter. BlackRock Inc. now owns 8,360,500 shares of the energy company’s stock worth $110,359,000 after acquiring an additional 2,455,569 shares in the last quarter. Thompson Siegel & Walmsley LLC boosted its holdings in shares of Covanta by 41.7% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,179,991 shares of the energy company’s stock worth $41,976,000 after acquiring an additional 936,309 shares in the last quarter. State Street Corp boosted its holdings in shares of Covanta by 46.7% in the 2nd quarter. State Street Corp now owns 2,510,700 shares of the energy company’s stock worth $33,146,000 after acquiring an additional 799,767 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Covanta by 112.9% in the 2nd quarter. Wells Fargo & Company MN now owns 1,206,528 shares of the energy company’s stock worth $15,927,000 after acquiring an additional 639,789 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Covanta by 11.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 5,817,457 shares of the energy company’s stock worth $76,790,000 after acquiring an additional 616,425 shares in the last quarter. 94.78% of the stock is currently owned by institutional investors.
Several research analysts have recently commented on CVA shares. Robert W. Baird reissued a “buy” rating and issued a $17.00 target price on shares of Covanta in a report on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and issued a $17.00 target price on shares of Covanta in a report on Tuesday, September 5th. Zacks Investment Research raised Covanta from a “sell” rating to a “hold” rating in a report on Monday, September 18th. Finally, BMO Capital Markets boosted their target price on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $17.69.
Covanta Holding Corp (CVA) opened at $15.00 on Monday. Covanta Holding Corp has a 1-year low of $13.00 and a 1-year high of $16.50. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 8.39.
Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, October 26th. The energy company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.04. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. The firm had revenue of $429.00 million for the quarter, compared to the consensus estimate of $421.87 million. During the same quarter in the prior year, the business earned $0.18 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. research analysts predict that Covanta Holding Corp will post -0.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.67%. The ex-dividend date of this dividend is Thursday, December 28th. Covanta’s dividend payout ratio is -200.00%.
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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