Short Interest in Covanta Holding Corp (NYSE:CVA) Declines By 10.7%

Covanta Holding Corp (NYSE:CVA) saw a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 3,647,200 shares, a drop of 10.7% from the May 30th total of 4,085,800 shares. Approximately 2.8% of the shares of the company are sold short. Based on an average daily trading volume, of 611,600 shares, the short-interest ratio is presently 6.0 days.

Shares of NYSE CVA traded down $0.01 during trading on Friday, hitting $17.78. The company had a trading volume of 690,638 shares, compared to its average volume of 552,866. The company has a 50 day simple moving average of $17.68. 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 has a 12 month low of $12.92 and a 12 month high of $18.38. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of -177.80, a P/E/G ratio of 5.72 and a beta of 1.31.

Covanta (NYSE:CVA) last posted its quarterly earnings data on Thursday, April 25th. The energy company reported $0.03 EPS for the quarter, topping the 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 firm had revenue of $453.00 million for the quarter, compared to the consensus estimate of $453.72 million. During the same quarter last year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Covanta will post 0.21 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.62%. The ex-dividend date was Thursday, June 27th. Covanta’s dividend payout ratio (DPR) is currently -1,000.00%.

A number of research analysts have weighed in on CVA shares. UBS Group reissued a “hold” rating on shares of Deutsche Bank in a report on Thursday, April 4th. TheStreet raised Zimmer Biomet from a “c” rating to a “b-” rating in a report on Friday, April 26th. Zacks Investment Research downgraded Guaranty Federal Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. BMO Capital Markets raised Nevro from a “market perform” rating to an “outperform” rating and increased their target price for the company from $46.00 to $67.00 in a report on Tuesday, March 19th. Finally, Macquarie started coverage on Rollins in a report on Monday, April 29th. They issued a “neutral” rating and a $38.90 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $17.50.

In other Covanta news, VP Timothy Simpson sold 44,116 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $17.78, for a total value of $784,382.48. Following the transaction, the vice president now owns 133,582 shares of the company’s stock, valued at $2,375,087.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ronald J. Broglio sold 6,500 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $17.72, for a total value of $115,180.00. Following the completion of the transaction, the director now directly owns 6,487 shares in the company, valued at approximately $114,949.64. The disclosure for this sale can be found here. Company insiders own 11.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. HCR Wealth Advisors bought a new position in shares of Covanta in the first quarter worth about $411,000. NumerixS Investment Technologies Inc raised its stake in shares of Covanta by 197.3% in the fourth quarter. NumerixS Investment Technologies Inc now owns 7,136 shares of the energy company’s stock worth $95,000 after buying an additional 4,736 shares during the period. Cipher Capital LP purchased a new stake in shares of Covanta during the fourth quarter worth about $164,000. Lantz Financial LLC purchased a new stake in shares of Covanta during the first quarter worth about $262,000. Finally, Jane Street Group LLC purchased a new stake in shares of Covanta during the fourth quarter worth about $212,000. 79.44% of the stock is currently owned by hedge funds and other institutional investors.

Covanta Company 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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