Bank of New York Mellon Corp cut its stake in Covanta Holding Corp (NYSE:CVA) by 11.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,981,920 shares of the energy company’s stock after selling 254,058 shares during the period. Bank of New York Mellon Corp’s holdings in Covanta were worth $33,494,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CVA. First Trust Advisors LP lifted its position in Covanta by 1.8% in the third quarter. First Trust Advisors LP now owns 392,220 shares of the energy company’s stock worth $5,824,000 after buying an additional 6,986 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Covanta by 33.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 476,217 shares of the energy company’s stock worth $7,072,000 after buying an additional 119,049 shares during the last quarter. Sei Investments Co. lifted its position in Covanta by 8.8% in the third quarter. Sei Investments Co. now owns 46,137 shares of the energy company’s stock worth $686,000 after buying an additional 3,740 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in Covanta in the third quarter worth $7,996,000. Finally, Comerica Bank lifted its position in Covanta by 2.2% in the third quarter. Comerica Bank now owns 228,590 shares of the energy company’s stock worth $3,715,000 after buying an additional 4,932 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

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Shares of Covanta Holding Corp (NYSE CVA) opened at $15.35 on Thursday. Covanta Holding Corp has a 52-week low of $13.00 and a 52-week high of $17.30. The firm has a market capitalization of $2,010.00, a price-to-earnings ratio of -16.16, a PEG ratio of 15.16 and a beta of 0.71. The company has a debt-to-equity ratio of 5.83, a quick ratio of 1.11 and a current ratio of 1.11.

Covanta (NYSE:CVA) last released its earnings results on Thursday, February 22nd. The energy company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.11). Covanta had a negative return on equity of 13.02% and a net margin of 3.25%. The business had revenue of $495.00 million for the quarter, compared to the consensus estimate of $462.71 million. During the same quarter last year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. equities research analysts predict that Covanta Holding Corp will post 0.07 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 29th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, March 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.51%. Covanta’s dividend payout ratio (DPR) is -105.26%.

A number of brokerages recently issued reports on CVA. Goldman Sachs Group upgraded Covanta from a “sell” rating to a “neutral” rating and set a $16.00 price target for the company in a research report on Sunday, January 7th. Zacks Investment Research downgraded Covanta from a “hold” rating to a “sell” rating in a research report on Friday, January 5th. Oppenheimer restated a “buy” rating and issued a $19.00 price target on shares of Covanta in a research report on Tuesday, December 19th. UBS Group began coverage on Covanta in a research report on Wednesday. They issued a “neutral” rating for the company. Finally, ValuEngine upgraded Covanta from a “sell” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Covanta currently has a consensus rating of “Hold” and a consensus price target of $17.57.

In other news, insider Paul E. Stauder sold 3,000 shares of Covanta stock in a transaction on Monday, March 5th. The stock was sold at an average price of $14.90, for a total transaction of $44,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.60% of the stock is currently owned by company insiders.

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Covanta 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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