First Mercantile Trust Co. Lowers Stake in Covanta Holding Corp (CVA)

First Mercantile Trust Co. lessened its holdings in Covanta Holding Corp (NYSE:CVA) by 52.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 19,802 shares of the energy company’s stock after selling 21,465 shares during the period. First Mercantile Trust Co.’s holdings in Covanta were worth $287,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CVA. Fox Run Management L.L.C. purchased a new stake in shares of Covanta in the 4th quarter worth approximately $178,000. Verition Fund Management LLC purchased a new stake in shares of Covanta in the 4th quarter worth approximately $207,000. Xact Kapitalforvaltning AB purchased a new stake in shares of Covanta in the 4th quarter worth approximately $214,000. Vident Investment Advisory LLC purchased a new stake in shares of Covanta in the 4th quarter worth approximately $229,000. Finally, Paloma Partners Management Co purchased a new stake in Covanta during the fourth quarter valued at approximately $241,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

A number of research firms recently commented on CVA. ValuEngine cut shares of Covanta from a “hold” rating to a “sell” rating in a research report on Friday, February 23rd. UBS began coverage on shares of Covanta in a research report on Wednesday, March 14th. They set a “neutral” rating and a $15.00 target price for the company. Finally, Zacks Investment Research cut shares of Covanta from a “hold” rating to a “sell” rating in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Covanta currently has a consensus rating of “Hold” and a consensus price target of $17.25.

In other Covanta news, Director Ronald J. Broglio sold 8,500 shares of the firm’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $15.71, for a total value of $133,535.00. Following the completion of the transaction, the director now owns 6,751 shares of the company’s stock, valued at $106,058.21. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Stephen J. Jones purchased 15,000 shares of the firm’s stock in a transaction on Thursday, May 3rd. The stock was bought at an average cost of $15.20 per share, with a total value of $228,000.00. Following the acquisition, the insider now owns 241,057 shares of the company’s stock, valued at approximately $3,664,066.40. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 13,822 shares of company stock valued at $214,365. Corporate insiders own 11.60% of the company’s stock.

NYSE:CVA opened at $15.70 on Friday. Covanta Holding Corp has a 52 week low of $13.00 and a 52 week high of $17.30. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 3.75.

Covanta (NYSE:CVA) last posted its earnings results on Thursday, April 26th. The energy company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.12. Covanta had a net margin of 17.17% and a negative return on equity of 3.19%. The company had revenue of $458.00 million during the quarter, compared to analysts’ expectations of $431.30 million. During the same quarter in the prior year, the company posted ($0.37) earnings per share. Covanta’s revenue for the quarter was up 13.4% compared to the same quarter last year. equities analysts forecast that Covanta Holding Corp will post 0.04 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Shareholders of record on Friday, June 29th will be issued a $0.25 dividend. The ex-dividend date is Thursday, June 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.37%. Covanta’s dividend payout ratio is currently -270.27%.

Covanta 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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