Deprince Race & Zollo Inc. Cuts Stock Holdings in Covanta Holding Corp (NYSE:CVA)

Deprince Race & Zollo Inc. lessened its holdings in Covanta Holding Corp (NYSE:CVA) by 6.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 741,528 shares of the energy company’s stock after selling 51,290 shares during the period. Deprince Race & Zollo Inc. owned about 0.56% of Covanta worth $13,281,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Commonwealth Bank of Australia grew its holdings in shares of Covanta by 54.7% in the 2nd quarter. Commonwealth Bank of Australia now owns 26,300 shares of the energy company’s stock worth $471,000 after purchasing an additional 9,300 shares during the last quarter. Northern Trust Corp increased its position in shares of Covanta by 1.0% in the second quarter. Northern Trust Corp now owns 1,557,434 shares of the energy company’s stock worth $27,894,000 after acquiring an additional 16,030 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Covanta by 31.5% in the second quarter. Renaissance Technologies LLC now owns 1,351,016 shares of the energy company’s stock worth $24,197,000 after acquiring an additional 323,416 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Covanta by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 5,561,262 shares of the energy company’s stock worth $99,602,000 after acquiring an additional 80,008 shares in the last quarter. Finally, Keeley Teton Advisors LLC increased its position in shares of Covanta by 242.8% in the second quarter. Keeley Teton Advisors LLC now owns 409,512 shares of the energy company’s stock worth $7,334,000 after acquiring an additional 290,050 shares in the last quarter. 78.74% of the stock is currently owned by institutional investors and hedge funds.

In other Covanta news, insider Paul E. Stauder sold 2,996 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $17.25, for a total transaction of $51,681.00. Following the sale, the insider now directly owns 51,599 shares in the company, valued at $890,082.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Linda J. Fisher sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $17.14, for a total value of $205,680.00. Following the sale, the director now owns 34,736 shares in the company, valued at $595,375.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,996 shares of company stock worth $428,161. Company insiders own 11.00% of the company’s stock.

Shares of CVA opened at $17.43 on Thursday. The stock has a market capitalization of $2.24 billion, a P/E ratio of -174.30, a P/E/G ratio of 21.50 and a beta of 1.31. Covanta Holding Corp has a twelve month low of $12.92 and a twelve month high of $18.38. The company has a 50 day moving average of $16.90 and a 200-day moving average of $17.35. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 6.19.

Covanta (NYSE:CVA) last issued its quarterly earnings results on Thursday, July 25th. The energy company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.07). The business had revenue of $467.00 million for the quarter, compared to the consensus estimate of $467.05 million. Covanta had a negative return on equity of 3.22% and a negative net margin of 1.81%. Covanta’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) earnings per share. On average, sell-side analysts anticipate that Covanta Holding Corp will post 0.05 earnings per share for the current fiscal year.

Separately, Zacks Investment Research raised shares of Covanta from a “strong sell” rating to a “hold” rating and set a $14.00 target price on the stock in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $17.00.

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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