Raymond James Trust N.A. Boosts Position in Covanta Holding Corp (NYSE:CVA)

Raymond James Trust N.A. boosted its stake in Covanta Holding Corp (NYSE:CVA) by 5.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,902 shares of the energy company’s stock after purchasing an additional 1,649 shares during the period. Raymond James Trust N.A.’s holdings in Covanta were worth $587,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CVA. Winslow Evans & Crocker Inc. purchased a new position in shares of Covanta during the fourth quarter valued at approximately $28,000. Trust Co. of Vermont increased its stake in shares of Covanta by 1,000.0% during the fourth quarter. Trust Co. of Vermont now owns 2,288 shares of the energy company’s stock valued at $31,000 after buying an additional 2,080 shares during the period. IFP Advisors Inc increased its stake in shares of Covanta by 79.6% during the fourth quarter. IFP Advisors Inc now owns 4,000 shares of the energy company’s stock valued at $53,000 after buying an additional 1,773 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of Covanta during the fourth quarter valued at approximately $55,000. Finally, First Interstate Bank increased its stake in shares of Covanta by 50.0% during the fourth quarter. First Interstate Bank now owns 6,000 shares of the energy company’s stock valued at $81,000 after buying an additional 2,000 shares during the period. 80.23% of the stock is currently owned by institutional investors and hedge funds.

CVA stock traded up $0.34 during midday trading on Friday, hitting $17.98. The stock had a trading volume of 479,349 shares, compared to its average volume of 691,572. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of -179.80, a PEG ratio of 5.67 and a beta of 1.36. Covanta Holding Corp has a 52-week low of $12.92 and a 52-week high of $18.25. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 5.56.

Covanta (NYSE:CVA) last issued its quarterly earnings results on Thursday, April 25th. The energy company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.21. Covanta had a positive return on equity of 0.79% and a negative net margin of 2.36%. The company had revenue of $453.00 million for the quarter, compared to analysts’ expectations of $453.72 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts expect that Covanta Holding Corp will post 0.21 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.56%. The ex-dividend date of this dividend is Thursday, June 27th. Covanta’s dividend payout ratio (DPR) is -1,000.00%.

Several research firms have recently issued reports on CVA. Zacks Investment Research cut Covanta from a “buy” rating to a “hold” rating in a research note on Wednesday, February 13th. UBS Group boosted their target price on Covanta from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, April 4th. TheStreet cut Covanta from a “b-” rating to a “c” rating in a research note on Friday, April 26th. BMO Capital Markets upped their price target on Covanta from $18.00 to $19.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 19th. Finally, ValuEngine raised Covanta from a “hold” rating to a “buy” rating in a research note on Saturday, January 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Covanta currently has an average rating of “Buy” and an average price target of $17.50.

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About Covanta

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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