ProShare Advisors LLC Acquires Shares of 11,174 Covanta Holding Corporation (CVA)
ProShare Advisors LLC acquired a new position in shares of Covanta Holding Corporation (NYSE:CVA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,174 shares of the energy company’s stock, valued at approximately $147,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. MD Sass Investors Services Inc. boosted its stake in Covanta Holding Corporation by 4.0% during the 2nd quarter. MD Sass Investors Services Inc. now owns 2,032,976 shares of the energy company’s stock worth $26,840,000 after acquiring an additional 79,097 shares during the last quarter. Loews Corp boosted its stake in Covanta Holding Corporation by 4.9% during the 2nd quarter. Loews Corp now owns 69,804 shares of the energy company’s stock worth $921,000 after acquiring an additional 3,270 shares during the last quarter. BlackRock Inc. boosted its stake in Covanta Holding Corporation by 41.6% during 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 during the last quarter. Nationwide Fund Advisors boosted its stake in Covanta Holding Corporation by 326.4% during the 2nd quarter. Nationwide Fund Advisors now owns 68,021 shares of the energy company’s stock worth $898,000 after acquiring an additional 52,068 shares during the last quarter. Finally, Teachers Advisors LLC boosted its stake in Covanta Holding Corporation by 35.2% during the 2nd quarter. Teachers Advisors LLC now owns 213,188 shares of the energy company’s stock worth $2,814,000 after acquiring an additional 55,455 shares during the last quarter. 96.25% of the stock is currently owned by institutional investors and hedge funds.
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CVA has been the topic of several recent analyst reports. Robert W. Baird reissued a “buy” rating and set a $17.00 price objective on shares of Covanta Holding Corporation in a research note on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and set a $17.00 price objective on shares of Covanta Holding Corporation in a research note on Tuesday, September 5th. Zacks Investment Research raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Monday, September 18th. Barclays PLC raised shares of Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $16.00 to $15.00 in a research note on Wednesday, July 12th. Finally, BMO Capital Markets initiated coverage on shares of Covanta Holding Corporation in a research note on Thursday, June 29th. They set a “market perform” rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $17.06.
Shares of Covanta Holding Corporation (NYSE CVA) opened at 15.25 on Tuesday. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $16.50. The firm’s 50-day moving average is $14.67 and its 200 day moving average is $14.38. The firm’s market capitalization is $1.98 billion.
Covanta Holding Corporation (NYSE:CVA) last posted its quarterly earnings results on Thursday, July 27th. The energy company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.04). The business had revenue of $424.00 million for the quarter, compared to the consensus estimate of $416.18 million. Covanta Holding Corporation had a negative return on equity of 9.81% and a negative net margin of 1.41%. Covanta Holding Corporation’s quarterly revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.22) earnings per share. Equities research analysts predict that Covanta Holding Corporation will post ($0.23) earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Thursday, September 28th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.56%. The ex-dividend date was Wednesday, September 27th. Covanta Holding Corporation’s payout ratio is -526.29%.
About Covanta Holding Corporation
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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