Hahn Capital Management LLC Lowers Stake in Covanta Holding Corp (CVA)

Hahn Capital Management LLC lessened its stake in shares of Covanta Holding Corp (NYSE:CVA) by 10.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 897,468 shares of the energy company’s stock after selling 107,422 shares during the quarter. Covanta makes up approximately 1.7% of Hahn Capital Management LLC’s investment portfolio, making the stock its 29th biggest holding. Hahn Capital Management LLC’s holdings in Covanta were worth $14,808,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC raised its holdings in Covanta by 11.8% during the 2nd quarter. MetLife Investment Advisors LLC now owns 53,904 shares of the energy company’s stock valued at $889,000 after buying an additional 5,710 shares during the period. Tower Research Capital LLC TRC purchased a new stake in Covanta during the 2nd quarter valued at $206,000. Paloma Partners Management Co purchased a new stake in Covanta during the 2nd quarter valued at $253,000. Bank of America Corp DE raised its holdings in Covanta by 0.4% during the 2nd quarter. Bank of America Corp DE now owns 968,009 shares of the energy company’s stock valued at $15,972,000 after buying an additional 4,242 shares during the period. Finally, Natixis purchased a new stake in Covanta during the 2nd quarter valued at $538,000. Institutional investors own 84.10% of the company’s stock.

CVA stock opened at $16.95 on Monday. The company has a debt-to-equity ratio of 4.26, a quick ratio of 1.20 and a current ratio of 1.20. Covanta Holding Corp has a twelve month low of $14.15 and a twelve month high of $18.05. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of -45.81, a price-to-earnings-growth ratio of 18.83 and a beta of 0.76.

Covanta (NYSE:CVA) last released its earnings results on Thursday, July 26th. The energy company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. Covanta had a return on equity of 2.63% and a net margin of 17.21%. The business had revenue of $454.00 million for the quarter, compared to analyst estimates of $451.63 million. During the same quarter last year, the firm posted ($0.22) earnings per share. The business’s revenue was up 7.1% compared to the same quarter last year. sell-side analysts predict that Covanta Holding Corp will post 0.06 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 28th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.00 dividend on an annualized basis and a yield of 5.90%. Covanta’s payout ratio is -270.27%.

In other Covanta news, insider Paul E. Stauder sold 2,000 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $17.53, for a total value of $35,060.00. Following the sale, the insider now owns 42,025 shares in the company, valued at $736,698.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 11.60% of the company’s stock.

Several analysts recently weighed in on the company. Credit Suisse Group increased their price target on Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a report on Monday, July 30th. BMO Capital Markets restated a “buy” rating and set a $20.00 price target (up previously from $19.00) on shares of Covanta in a report on Friday, July 27th. Raymond James increased their price target on Covanta from $17.50 to $19.00 and gave the company a “strong-buy” rating in a report on Monday, July 30th. ValuEngine lowered Covanta from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Finally, Zacks Investment Research lowered Covanta from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $17.75.

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.

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Institutional Ownership by Quarter for Covanta (NYSE:CVA)

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