Russell Investments Group Ltd. lifted its stake in shares of Covanta Holding Corp (NYSE:CVA) by 84.9% during the 1st quarter, HoldingsChannel reports. The firm owned 854,145 shares of the energy company’s stock after acquiring an additional 392,124 shares during the period. Russell Investments Group Ltd.’s holdings in Covanta were worth $7,304,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC grew its holdings in shares of Covanta by 79.5% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 4,955 shares of the energy company’s stock valued at $42,000 after purchasing an additional 2,194 shares during the last quarter. Pacitti Group Inc. bought a new stake in Covanta during the 4th quarter worth approximately $45,000. NumerixS Investment Technologies Inc bought a new stake in Covanta during the 4th quarter worth approximately $52,000. Samalin Investment Counsel LLC bought a new stake in Covanta during the 4th quarter worth approximately $59,000. Finally, Clear Harbor Asset Management LLC bought a new stake in Covanta during the 4th quarter worth approximately $83,000. 72.94% of the stock is currently owned by institutional investors.

Shares of NYSE CVA opened at $8.70 on Friday. Covanta Holding Corp has a 52-week low of $6.57 and a 52-week high of $18.38. The company has a debt-to-equity ratio of 8.35, a quick ratio of 1.12 and a current ratio of 1.12. The company’s 50 day moving average price is $7.78 and its 200-day moving average price is $12.50.

Covanta (NYSE:CVA) last issued its quarterly earnings results on Thursday, May 7th. The energy company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.02). The firm had revenue of $468.00 million during the quarter, compared to analyst estimates of $458.18 million. Covanta had a negative return on equity of 7.34% and a negative net margin of 1.43%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS. On average, analysts predict that Covanta Holding Corp will post -0.31 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Friday, June 26th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, June 25th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.68%. Covanta’s payout ratio is presently 1,428.57%.

In related news, Director Robert S. Silberman bought 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average price of $9.71 per share, for a total transaction of $194,200.00. Following the transaction, the director now directly owns 120,000 shares of the company’s stock, valued at $1,165,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.10% of the stock is owned by insiders.

A number of research firms have weighed in on CVA. UBS Group raised shares of Covanta from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $14.00 to $13.00 in a report on Wednesday, May 13th. Zacks Investment Research raised shares of Covanta from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Thursday, March 19th. Stifel Nicolaus raised shares of Covanta from a “sell” rating to a “hold” rating and set a $9.50 target price on the stock in a report on Sunday, May 10th. Oppenheimer reissued a “buy” rating and set a $10.00 target price on shares of Covanta in a report on Friday. Finally, Goldman Sachs Group lowered shares of Covanta from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $17.00 to $10.00 in a report on Thursday, April 2nd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $11.31.

Covanta Profile

Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and Canada. It owns and operates infrastructure for the conversion of waste to energy, as well as engages in related waste transport and disposal, and other renewable energy production businesses.

Further Reading: Understanding each part of a balance sheet

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Institutional Ownership by Quarter for Covanta (NYSE:CVA)

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