State of New Jersey Common Pension Fund D reduced its stake in Covanta Holding Corporation (NYSE:CVA) by 25.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 375,000 shares of the energy company’s stock after selling 125,000 shares during the period. State of New Jersey Common Pension Fund D owned 0.29% of Covanta Holding Corporation worth $5,569,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in Covanta Holding Corporation during the second quarter valued at approximately $107,000. IFP Advisors Inc lifted its stake in Covanta Holding Corporation by 42.1% during the second quarter. IFP Advisors Inc now owns 8,927 shares of the energy company’s stock valued at $118,000 after purchasing an additional 2,647 shares during the last quarter. Connable Office Inc. acquired a new stake in Covanta Holding Corporation during the second quarter valued at approximately $133,000. ProShare Advisors LLC acquired a new stake in Covanta Holding Corporation during the second quarter valued at approximately $147,000. Finally, PNC Financial Services Group Inc. lifted its stake in Covanta Holding Corporation by 15.2% during the first quarter. PNC Financial Services Group Inc. now owns 11,380 shares of the energy company’s stock valued at $178,000 after purchasing an additional 1,500 shares during the last quarter. 96.57% of the stock is owned by institutional investors.
Several analysts recently commented on the stock. Robert W. Baird reissued a “buy” rating and set a $19.00 target price on shares of Covanta Holding Corporation in a research note on Wednesday. BidaskClub lowered shares of Covanta Holding Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 11th. BMO Capital Markets boosted their price target on shares of Covanta Holding Corporation from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Monday. Zacks Investment Research lowered shares of Covanta Holding Corporation from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Covanta Holding Corporation in a report on Monday, July 17th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $17.69.
Covanta Holding Corporation (NYSE:CVA) last announced its quarterly earnings results on Thursday, October 26th. The energy company reported $0.12 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.04. Covanta Holding Corporation had a negative net margin of 3.68% and a negative return on equity of 12.66%. The firm had revenue of $429.00 million for the quarter, compared to analyst estimates of $421.87 million. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis.
The business also recently declared a quarterly dividend, which was paid on Friday, October 6th. Shareholders of record on Thursday, September 28th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.21%. The ex-dividend date was Wednesday, September 27th. Covanta Holding Corporation’s payout ratio is currently -200.00%.
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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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