3. Covanta Holding Corp(NYSE:CVA)
Investors with Long Positions (as of June 30): 19
Aggregate Value of Investors’ Holdings (as of June 30): $4.44 Billion
Moving on, the number of investors with a long position in Covanta Holding Corp(NYSE:CVA) declined by five quarter-over-quarter, but the 8.8% drop in aggregate value of investors’ holdings in the company during the second quarter wasn’t as massive in magnitude as seen in other companies on this list. The stock of Covanta Holding Corp(NYSE:CVA) had a noteworthy correction in April after it reported its first quarter numbers, however, it recouped most of those losses and managed to end the quarter down by 4.4%. With a quarterly dividend of $0.25, the company currently boasts an annual dividend yield of 5.27%. John A. Levin‘s Levin Capital Strategies continued to remain the largest shareholder of Covanta Holding Corp(NYSE:CVA) among the hedge funds we track, holding 9.18 million shares of the company at the end of June.
2. Vale SA (ADR)(NYSE:VALE)
Investors with Long Positions (as of June 30): 22
Aggregate Value of Investors’ Holdings (as of June 30): $303.46 Million
Vale SA (ADR)(NYSE:VALE) is the only stock on this list that was not only up during the second quarter, by 7.7%, but also saw an increase in the aggregate value of investors’ holdings during the quarter, by $60.9 million. Since the number of hedge funds that owned stakes in the company declined by one during the April-June period, the hedge funds who were bullish on the company at the end of March were even more bullish during the second quarter, buying additional shares. Taking into account today’s 4.5% dip in the stock, the $0.19 quarterly dividend that Vale SA (ADR)(NYSE:VALE) pays out translates into an annual yield of 8.29%, which is the highest among the stocks covered on this list. Jonathan Barrett and Paul Segal‘s Luminus Management was one of the hedge funds that recently initiated a stake in Vale SA (ADR)(NYSE:VALE), purchasing 2.97 million shares during the April-June period.
1. Potash Corp./Saskatchewan (USA)(NYSE:POT)
Investors with Long Positions (as of June 30): 30
Aggregate Value of Investors’ Holdings (as of June 30): $905.02 Million
Even the gradual decline that Potash Corp./Saskatchewan (USA)(NYSE:POT)’s stock has had since the beginning of March wasn’t able to topple the company as hedge funds’ favorite basic industries dividend stock as of June 30. However, the company did see a decline in its popularity, with the number of hedge funds reporting a stake in it dropping by two and the aggregate value of hedge funds’ holdings in it decreasing by 8.9% during the April-June period. Potash Corp./Saskatchewan (USA)(NYSE:POT) currently pays a quarterly dividend of $0.38, which represents an annual dividend yield of almost 6%. Steven Cohen‘s family office Point72 Asset Management owned 925,100 shares of Potash Corp./Saskatchewan (USA)(NYSE:POT) at the end of June.
Disclosure: None
