Daiwa Securities Group Inc. Has $151,000 Position in Covanta Holding Corp. (CVA)
Daiwa Securities Group Inc. cut its stake in Covanta Holding Corp. (NYSE:CVA) by 12.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,200 shares of the company’s stock after selling 1,300 shares during the period. Daiwa Securities Group Inc.’s holdings in Covanta Holding Corp. were worth $151,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rothschild Investment Corp IL increased its position in shares of Covanta Holding Corp. by 218.3% in the second quarter. Rothschild Investment Corp IL now owns 40,100 shares of the company’s stock valued at $660,000 after buying an additional 27,500 shares during the last quarter. CIBC World Markets Inc. boosted its stake in Covanta Holding Corp. by 8.9% in the second quarter. CIBC World Markets Inc. now owns 15,733 shares of the company’s stock valued at $259,000 after buying an additional 1,286 shares during the period. IBM Retirement Fund boosted 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 during the period. Sunnymeath Asset Management Inc. bought a new stake in Covanta Holding Corp. during the second quarter valued at $852,000. Finally, Nordea Investment Management AB boosted its stake in Covanta Holding Corp. by 25.4% in the second quarter. Nordea Investment Management AB now owns 172,100 shares of the company’s stock valued at $2,831,000 after buying an additional 34,900 shares during the period. 80.15% of the stock is currently owned by institutional investors.
Shares of Covanta Holding Corp. (NYSE:CVA) traded down 1.20% during trading on Friday, reaching $14.82. 807,976 shares of the company were exchanged. The firm has a market capitalization of $1.91 billion, a P/E ratio of 42.96 and a beta of 0.57. Covanta Holding Corp. has a 1-year low of $12.48 and a 1-year high of $18.17. The firm’s 50 day moving average is $14.98 and its 200 day moving average is $16.03.
Covanta Holding Corp. (NYSE:CVA) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $418 million for the quarter, compared to analysts’ expectations of $410.38 million. During the same quarter in the previous year, the company posted ($0.06) EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. On average, equities analysts anticipate that Covanta Holding Corp. will post ($0.11) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 7th. Investors of record on Monday, October 3rd were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, September 29th. This represents a $1.00 annualized dividend and a yield of 6.75%. Covanta Holding Corp.’s payout ratio is presently 322.58%.
Several research firms recently weighed in on CVA. Zacks Investment Research cut shares of Covanta Holding Corp. from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 20th. Imperial Capital cut their price target on shares of Covanta Holding Corp. from $18.50 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, July 28th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $20.00 price target on shares of Covanta Holding Corp. in a report on Friday, September 23rd. Barclays PLC cut their price target on shares of Covanta Holding Corp. from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, August 9th. Finally, Macquarie began coverage on shares of Covanta Holding Corp. in a report on Thursday, August 25th. They issued a “neutral” rating and a $18.00 price target on the stock. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $18.00.
In other Covanta Holding Corp. news, Director Ronald J. Broglio sold 4,500 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $15.78, for a total value of $71,010.00. Following the sale, the director now owns 4,529 shares in the company, valued at $71,467.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 11.80% of the company’s stock.
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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