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Covanta Returns Shareholder Wealth - Analyst Blog
3/8/2013 3:55:00 PM
Covanta Holding Corporation ( CVA ) has increased its dividend and boosted the current share repurchase authorization. The company focuses on increasing shareholder value by effectively running the business, capitalizing on growth investments and returning any excess capital to its shareholders.
Covanta Holding has increased its quarterly dividend by 10%, bringing the annualized dividend to 66 cents per share from the previous payout of 60 cents per share. Following the hike, the company will now pay a quarterly dividend of 16.50 cents as against the 15 cents paid earlier. The said dividend will be paid on Apr 5, 2013, to shareholders of record as of the close of business on Mar 28, 2013. Meanwhile, the company has increased the current share repurchase authorization to $150 million.
The last dividend hike was made in Mar 2012, which raised the payout by 100%, bringing the quarterly dividend to 15 cents per share. Also, the company had approved an additional $100 million of share repurchases to its share repurchase authorization.
The company returns surplus capital to stockholders through
dividends and share repurchases. Since July 2010, Covanta has
returned over $750 million to shareholders in the form of cash
dividends and share repurchases. In 2012, the company repurchased
5.3 million shares of common stock at a weighted average cost of
$16.55 per share for an aggregate amount of approximately $88
million. As of Dec 31, 2012, the amount remaining under its
authorized share repurchase program was $87 million.
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