Franklin Resources Inc. Maintains Position in Covanta Holding Corp (CVA)

Franklin Resources Inc. maintained its position in shares of Covanta Holding Corp (NYSE:CVA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,100 shares of the energy company’s stock at the end of the fourth quarter. Franklin Resources Inc.’s holdings in Covanta Holding Corp were worth $407,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVA. Russell Investments Group Ltd. bought a new stake in Covanta Holding Corp during the fourth quarter worth $18,058,000. Precocity Capital LP bought a new stake in Covanta Holding Corp during the fourth quarter worth $9,360,000. Deprince Race & Zollo Inc. bought a new stake in Covanta Holding Corp during the third quarter worth $7,091,000. NN Investment Partners Holdings N.V. bought a new stake in Covanta Holding Corp during the fourth quarter worth $6,070,000. Finally, Emerald Acquisition Ltd. increased its stake in Covanta Holding Corp by 305.4% in the third quarter. Emerald Acquisition Ltd. now owns 462,866 shares of the energy company’s stock worth $7,124,000 after buying an additional 348,699 shares during the last quarter. 81.57% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Covanta Holding Corp (NYSE:CVA)

Covanta Holding Corp (NYSE:CVA) traded down 2.61% during trading on Friday, reaching $14.95. The company’s stock had a trading volume of 1,232,355 shares. The company’s market cap is $1.93 billion. Covanta Holding Corp has a 52-week low of $13.45 and a 52-week high of $17.22. The stock has a 50-day moving average price of $15.41 and a 200 day moving average price of $15.30.

Covanta Holding Corp (NYSE:CVA) last posted its quarterly earnings results on Wednesday, February 15th. The energy company reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $0.05. Covanta Holding Corp had a net margin of 3.88% and a negative return on equity of 4.97%. The company had revenue of $457 million for the quarter, compared to the consensus estimate of $425.49 million. On average, analysts expect that Covanta Holding Corp will post $0.02 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Thursday, March 30th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.69%. The ex-dividend date was Tuesday, March 28th. Covanta Holding Corp’s dividend payout ratio is presently 208.34%.

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A number of analysts have recently weighed in on the company. Oppenheimer Holdings Inc. set a $20.00 target price on Covanta Holding Corp and gave the company a “buy” rating in a research report on Saturday, February 18th. Stifel Nicolaus downgraded Covanta Holding Corp from a “buy” rating to a “hold” rating and set a $16.50 price objective for the company. in a research report on Monday, February 13th. Goldman Sachs Group Inc assumed coverage on Covanta Holding Corp in a research report on Friday, March 3rd. They set a “sell” rating and a $12.50 price objective for the company. Wedbush restated an “outperform” rating and set a $21.00 price objective on shares of Covanta Holding Corp in a research report on Tuesday, March 14th. Finally, Zacks Investment Research upgraded Covanta Holding Corp from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Monday, February 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $17.44.

About Covanta Holding Corp

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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