Cutler Group LP Raises Stake in Covanta Holding Corp (CVA)
Cutler Group LP grew its holdings in Covanta Holding Corp (NYSE:CVA) by 81.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,490 shares of the energy company’s stock after purchasing an additional 5,601 shares during the period. Cutler Group LP’s holdings in Covanta were worth $211,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of CVA. Schwab Charles Investment Management Inc. grew its stake 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 valued at $11,723,000 after buying an additional 217,409 shares in the last quarter. Prudential Financial Inc. bought a new stake in shares of Covanta in the 2nd quarter valued at approximately $164,000. Principal Financial Group Inc. bought a new stake in shares of Covanta in the 2nd quarter valued at approximately $215,000. Wells Fargo & Company MN grew its stake 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 valued at $15,927,000 after buying an additional 639,789 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Covanta by 193.2% in the 2nd quarter. Alliancebernstein L.P. now owns 173,970 shares of the energy company’s stock valued at $2,296,000 after buying an additional 114,638 shares in the last quarter. Institutional investors own 94.77% of the company’s stock.
In other news, Director John Vincent Hickey sold 90,000 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $0.29, for a total value of $26,100.00. 11.60% of the stock is currently owned by corporate insiders.
Covanta (NYSE:CVA) last announced its earnings results on Thursday, October 26th. The energy company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $421.87 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. analysts expect that Covanta Holding Corp will post -0.26 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 29th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.00 annualized dividend and a dividend yield of 5.95%. Covanta’s dividend payout ratio is -196.08%.
A number of equities research analysts have issued reports on CVA shares. Oppenheimer reaffirmed a “buy” rating and set a $19.00 target price on shares of Covanta in a research report on Tuesday, December 19th. Zacks Investment Research cut Covanta from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. BMO Capital Markets upped their target price on Covanta from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, October 30th. Robert W. Baird reaffirmed a “buy” rating and set a $19.00 target price on shares of Covanta in a research report on Wednesday, November 1st. Finally, Goldman Sachs Group raised Covanta from a “sell” rating to a “neutral” rating and set a $16.00 target price for the company in a research report on Sunday, January 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.00.
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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