GW&K Investment Management LLC lowered its holdings in Covanta Holding Corp (NYSE:CVA) by 5.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,107,721 shares of the energy company’s stock after selling 128,188 shares during the quarter. GW&K Investment Management LLC owned about 1.61% of Covanta worth $35,620,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CVA. Schwab Charles Investment Management Inc. increased its holdings 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 acquiring an additional 217,409 shares during the last quarter. Prudential Financial Inc. purchased a new position in shares of Covanta in the 2nd quarter valued at about $164,000. Principal Financial Group Inc. purchased a new position in shares of Covanta in the 2nd quarter valued at about $215,000. Wells Fargo & Company MN increased its holdings 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 acquiring an additional 639,789 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings 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 acquiring an additional 114,638 shares during the last quarter. Institutional investors and hedge funds own 94.77% of the company’s stock.
A number of research analysts have recently commented on the company. 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 increased their price objective on Covanta from $17.00 to $20.00 and gave the company 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 on the stock in a report on Sunday, January 7th. Zacks Investment Research downgraded Covanta from a “hold” rating to a “sell” rating in a research note on Wednesday, September 27th. Finally, Oppenheimer restated a “buy” rating and set a $19.00 price target on shares of Covanta in a research note on Tuesday, December 19th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. Covanta presently has an average rating of “Hold” and a consensus target price of $18.00.
Covanta Holding Corp (NYSE CVA) opened at $17.00 on Friday. The company has a debt-to-equity ratio of 8.39, a current ratio of 1.21 and a quick ratio of 1.21. Covanta Holding Corp has a 12 month low of $13.00 and a 12 month high of $17.30.
Covanta (NYSE:CVA) last released its quarterly 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. The firm had revenue of $429.00 million for 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%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. analysts predict that Covanta Holding Corp will post -0.26 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 29th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a yield of 5.88%. Covanta’s dividend payout ratio is presently -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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