Makaira Partners Lowers stake in Covanta Holding Corp (CVA)

Covanta Holding Corp (CVA) : Makaira Partners reduced its stake in Covanta Holding Corp by 31.62% during the most recent quarter end. The investment management company now holds a total of 2,207,287 shares of Covanta Holding Corp which is valued at $36.8 Million after selling 1,020,501 shares in Covanta Holding Corp , the firm said in a disclosure report filed with the SEC on May 13, 2016.Covanta Holding Corp makes up approximately 5.93% of Makaira Partners’s portfolio.

Other Hedge Funds, Including , Hsbc Holdings Plc reduced its stake in CVA by selling 74 shares or 0.5% in the most recent quarter. The Hedge Fund company now holds 14,813 shares of CVA which is valued at $246,785.Canada Pension Plan Investment Board boosted its stake in CVA in the latest quarter, The investment management firm added 6,800 additional shares and now holds a total of 22,500 shares of Covanta Holding Corp which is valued at $374,850.Ibm Retirement Fund reduced its stake in CVA by selling 20,764 shares or 64.04% in the most recent quarter. The Hedge Fund company now holds 11,661 shares of CVA which is valued at $194,272. Covanta Holding Corp makes up approx 0.01% of Ibm Retirement Fund’s portfolio.Ingalls Snyder reduced its stake in CVA by selling 200 shares or 0.53% in the most recent quarter. The Hedge Fund company now holds 37,400 shares of CVA which is valued at $608,124. Covanta Holding Corp makes up approx 0.04% of Ingalls Snyder’s portfolio.

Covanta Holding Corp opened for trading at $16.5 and hit $16.71 on the upside on Wednesday, eventually ending the session at $16.56, with a gain of 0.67% or 0.11 points. The heightened volatility saw the trading volume jump to 7,88,499 shares. Company has a market cap of $2,163 M.

On the company’s financial health, Covanta Holding Corp reported $-0.19 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus of $-0.09. The company had revenue of $403.00 million for the quarter, compared to analysts expectations of $399.56 million. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.13 EPS.

Investors should note that on May 5, 2016, Covanta Holding Corp announced a cash dividend of $0.2500. The company’s management has announced Jun 23, 2016 as the ex-dividend date and fixed the record date on Jun 27, 2016. The payable date has been fixed on Jul 6, 2016.

Many Wall Street Analysts have commented on Covanta Holding Corp. Robert W. Baird Downgraded Covanta Holding Corp on Apr 29, 2016 to ” Neutral”, Price Target of the shares are set at $17.Company shares were Reiterated by Imperial Capital on Apr 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 18.50 from a previous price target of $17 .Company shares were Reiterated by Stifel on Mar 18, 2016 to “Buy”, Firm has raised the Price Target to $ 18.50 from a previous price target of $16.50 .

Covanta Holding Corporation is a holding company. Through its subsidiaries the Company owns and operates infrastructure for the conversion of waste to energy as well as other waste disposal and renewable energy production businesses. Energy-from-waste (EfW) serves two markets as both a sustainable waste management solution and as a source of clean energy. The Company operate and/or have ownership positions in 46 EfW facilities which are primarily located in North America and 11 additional energy generation facilities including other renewable energy production facilities in North America (wood biomass and hydroelectric). In total these assets produce approximately 10 million megawatt hours (MWh) of baseload electricity. The Company also operates a waste management infrastructure including 18 transfer stations. The Company also operates and in some cases has ownership interests in transfer stations and landfills.

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