California State Teachers Retirement System lessened its stake in Covanta Holding Corp (NYSE:CVA) by 9.7% in the 3rd quarter, Holdings Channel reports. The firm owned 187,532 shares of the energy company’s stock after selling 20,173 shares during the quarter. California State Teachers Retirement System’s holdings in Covanta were worth $2,785,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CVA. Schwab Charles Investment Management Inc. raised its position in shares of Covanta by 32.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 888,040 shares of the energy company’s stock worth $11,723,000 after purchasing an additional 217,409 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Covanta in the 2nd quarter worth about $164,000. Principal Financial Group Inc. purchased a new position in shares of Covanta in the 2nd quarter worth about $215,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Covanta in the 2nd quarter worth about $173,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Covanta in the 2nd quarter worth about $458,000. 94.77% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Covanta from a “sell” rating to a “hold” rating in a research report on Monday, September 18th. Robert W. Baird reiterated a “buy” rating and issued a $19.00 price objective on shares of Covanta in a report on Wednesday, November 1st. BMO Capital Markets lifted their price objective on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, October 30th. Goldman Sachs Group upgraded Covanta from a “sell” rating to a “neutral” rating and set a $16.00 price objective for the company in a report on Sunday, January 7th. Finally, Oppenheimer reiterated a “buy” rating and issued a $19.00 price objective on shares of Covanta in a report on Tuesday, December 19th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $18.00.

In other Covanta news, Director John Vincent Hickey sold 90,000 shares of the business’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $0.29, for a total transaction of $26,100.00. Insiders own 11.60% of the company’s stock.

Shares of Covanta Holding Corp (NYSE:CVA) opened at $16.95 on Friday. Covanta Holding Corp has a twelve month low of $13.00 and a twelve month high of $17.30. 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 released its quarterly earnings data on Thursday, October 26th. The energy company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The company had revenue of $429.00 million during the quarter, compared to the consensus estimate of $421.87 million. Covanta had a negative return on equity of 12.66% and a negative net margin of 3.68%. Covanta’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. sell-side analysts predict that Covanta Holding Corp will post -0.26 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 29th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.90%. Covanta’s dividend payout ratio is currently -200.00%.

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Covanta 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. 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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Institutional Ownership by Quarter for Covanta (NYSE:CVA)

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