Jennison Associates LLC Decreases Stake in Covanta Holding Corp (NYSE:CVA)

Jennison Associates LLC lessened its position in Covanta Holding Corp (NYSE:CVA) by 19.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 87,520 shares of the energy company’s stock after selling 21,090 shares during the quarter. Jennison Associates LLC’s holdings in Covanta were worth $1,515,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its position in Covanta by 79.6% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the energy company’s stock worth $53,000 after buying an additional 1,773 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Covanta during the fourth quarter worth approximately $55,000. NumerixS Investment Technologies Inc lifted its position in Covanta by 197.3% during the fourth quarter. NumerixS Investment Technologies Inc now owns 7,136 shares of the energy company’s stock worth $95,000 after buying an additional 4,736 shares in the last quarter. Cipher Capital LP purchased a new position in Covanta during the fourth quarter worth approximately $164,000. Finally, AlphaCrest Capital Management LLC purchased a new position in Covanta during the fourth quarter worth approximately $172,000. Institutional investors and hedge funds own 79.49% of the company’s stock.

In other news, VP Timothy Simpson sold 44,116 shares of Covanta stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $17.78, for a total value of $784,382.48. Following the completion of the sale, the vice president now directly owns 133,582 shares of the company’s stock, valued at $2,375,087.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald J. Broglio sold 6,500 shares of Covanta stock in a transaction on Friday, May 17th. The shares were sold at an average price of $17.72, for a total value of $115,180.00. Following the completion of the sale, the director now directly owns 6,487 shares of the company’s stock, valued at $114,949.64. The disclosure for this sale can be found here. 11.00% of the stock is owned by company insiders.

CVA stock traded down $0.06 during midday trading on Wednesday, hitting $17.71. 9,625 shares of the company’s stock were exchanged, compared to its average volume of 729,740. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 5.56. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -177.10, a price-to-earnings-growth ratio of 5.68 and a beta of 1.33. Covanta Holding Corp has a 1-year low of $12.92 and a 1-year high of $18.25.

Covanta (NYSE:CVA) last posted its earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.21. The company had revenue of $453.00 million during the quarter, compared to analysts’ expectations of $453.72 million. Covanta had a positive return on equity of 0.79% and a negative net margin of 2.36%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share. As a group, sell-side analysts anticipate that Covanta Holding Corp will post 0.21 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.00 annualized dividend and a yield of 5.65%. Covanta’s dividend payout ratio (DPR) is -1,000.00%.

A number of equities analysts recently commented on the company. TheStreet downgraded Covanta from a “b-” rating to a “c” rating in a research report on Friday, April 26th. Macquarie assumed coverage on Covanta in a research report on Monday, April 29th. They set an “outperform” rating on the stock. Zacks Investment Research downgraded Covanta from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 23rd. UBS Group lifted their price objective on Covanta from $16.00 to $17.00 and gave the stock a “neutral” rating in a research report on Thursday, April 4th. Finally, BMO Capital Markets lifted their price objective on Covanta from $18.00 to $19.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Covanta currently has an average rating of “Buy” and an average target price of $17.50.

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Covanta Company 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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