KCG Holdings Inc. acquired a new position in Covanta Holding Corporation (NYSE:CVA) during the first quarter, Holdings Channel reports. The institutional investor acquired 20,947 shares of the energy company’s stock, valued at approximately $329,000.
Several other hedge funds have also recently made changes to their positions in CVA. PNC Financial Services Group Inc. increased its stake in shares of Covanta Holding Corporation by 15.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock worth $178,000 after buying an additional 1,500 shares in the last quarter. FMR LLC purchased a new stake in shares of Covanta Holding Corporation during the first quarter worth approximately $229,000. Tiedemann Wealth Management LLC purchased a new stake in shares of Covanta Holding Corporation during the first quarter worth approximately $239,000. Segantii Capital Management Ltd purchased a new stake in shares of Covanta Holding Corporation during the first quarter worth approximately $240,000. Finally, Wellington Shields & Co. LLC increased its stake in shares of Covanta Holding Corporation by 0.6% in the first quarter. Wellington Shields & Co. LLC now owns 16,039 shares of the energy company’s stock worth $252,000 after buying an additional 94 shares in the last quarter. Institutional investors own 89.98% of the company’s stock.
Covanta Holding Corporation (NYSE:CVA) opened at 13.30 on Friday. The firm’s market capitalization is $1.72 billion. The stock has a 50 day moving average price of $13.84 and a 200-day moving average price of $14.95. Covanta Holding Corporation has a one year low of $13.00 and a one year high of $17.09.
Covanta Holding Corporation (NYSE:CVA) last issued its quarterly earnings data on Tuesday, April 25th. The energy company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by $0.16. The firm had revenue of $404 million for the quarter, compared to the consensus estimate of $399.69 million. Covanta Holding Corporation had a negative return on equity of 8.88% and a negative net margin of 0.94%. The company’s revenue was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.19) EPS. On average, equities analysts forecast that Covanta Holding Corporation will post ($0.10) earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Thursday, June 29th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 7.52%. The ex-dividend date was Tuesday, June 27th. Covanta Holding Corporation’s dividend payout ratio (DPR) is currently -714.23%.
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A number of analysts have commented on CVA shares. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Covanta Holding Corporation in a research report on Monday, July 17th. BidaskClub upgraded Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. BMO Capital Markets started coverage on Covanta Holding Corporation in a research report on Thursday, June 29th. They issued a “market perform” rating and a $16.00 price objective for the company. Robert W. Baird upgraded Covanta Holding Corporation from a “neutral” rating to an “outperform” rating and set a $17.00 price objective for the company in a research report on Monday, May 15th. Finally, Barclays PLC upgraded Covanta Holding Corporation from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $16.00 to $15.00 in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $17.20.
In related news, Director Michael W. Ranger purchased 40,000 shares of the business’s stock in a transaction that occurred on Thursday, April 27th. The stock was acquired at an average cost of $14.56 per share, for a total transaction of $582,400.00. Following the completion of the purchase, the director now owns 40,000 shares in the company, valued at approximately $582,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul E. Stauder sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $14.50, for a total value of $36,250.00. Following the completion of the sale, the insider now owns 30,639 shares of the company’s stock, valued at $444,265.50. The disclosure for this sale can be found here. Insiders own 11.60% of the company’s stock.
About Covanta Holding Corporation
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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