Victory Capital Management Inc. lessened its stake in Covanta Holding Co. (NYSE:CVA) by 4.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,084 shares of the energy company’s stock after selling 815 shares during the quarter. Victory Capital Management Inc.’s holdings in Covanta were worth $265,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. AE Wealth Management LLC increased its position in Covanta by 1.7% in the 1st quarter. AE Wealth Management LLC now owns 59,833 shares of the energy company’s stock valued at $829,000 after acquiring an additional 1,011 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Covanta by 2.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 71,225 shares of the energy company’s stock valued at $935,000 after acquiring an additional 1,576 shares in the last quarter. Adirondack Research & Management Inc. grew its position in shares of Covanta by 1.3% during the 1st quarter. Adirondack Research & Management Inc. now owns 136,821 shares of the energy company’s stock worth $1,896,000 after buying an additional 1,700 shares during the period. Brown Advisory Inc. grew its position in shares of Covanta by 15.4% during the 4th quarter. Brown Advisory Inc. now owns 12,820 shares of the energy company’s stock worth $169,000 after buying an additional 1,714 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Covanta by 2.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 110,975 shares of the energy company’s stock worth $1,457,000 after buying an additional 3,015 shares during the period. Hedge funds and other institutional investors own 79.24% of the company’s stock.
Shares of NYSE CVA opened at $17.48 on Friday. The firm has a market capitalization of $2.32 billion, a PE ratio of 437.11 and a beta of 1.38. The firm’s 50 day moving average price is $14.57. The company has a debt-to-equity ratio of 8.71, a quick ratio of 1.06 and a current ratio of 1.06. Covanta Holding Co. has a 52-week low of $7.44 and a 52-week high of $17.76.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Thursday, June 24th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Wednesday, June 23rd. Covanta’s dividend payout ratio is presently -152.38%.
Several equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Covanta from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Monday, March 15th. Raymond James reiterated a “hold” rating on shares of Covanta in a research report on Monday, February 22nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Covanta presently has an average rating of “Buy” and an average target price of $14.13.
Covanta Company Profile
Covanta Holding Corporation, through its subsidiaries, provides waste and energy services to municipal entities primarily in the United States and internationally. It owns and operates infrastructure for the conversion of waste to energy (WtE), as well as engages in related waste transport and disposal, and other renewable energy generation businesses.
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