Financial & Investment Management Group Ltd. raised its stake in shares of Covanta Holding Corporation (NYSE:CVA) by 25.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 259,888 shares of the energy company’s stock after buying an additional 51,981 shares during the period. Covanta Holding Corporation comprises 1.3% of Financial & Investment Management Group Ltd.’s investment portfolio, making the stock its 29th largest position. Financial & Investment Management Group Ltd. owned approximately 0.20% of Covanta Holding Corporation worth $3,431,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. GW&K Investment Management LLC increased its stake in Covanta Holding Corporation by 2.6% in the second quarter. GW&K Investment Management LLC now owns 1,906,639 shares of the energy company’s stock valued at $25,168,000 after buying an additional 48,443 shares in the last quarter. Clearbridge Investments LLC increased its stake in Covanta Holding Corporation by 26.7% in the first quarter. Clearbridge Investments LLC now owns 11,989 shares of the energy company’s stock valued at $188,000 after buying an additional 2,528 shares in the last quarter. CNA Financial Corp increased its stake in Covanta Holding Corporation by 5.3% in the first quarter. CNA Financial Corp now owns 554,768 shares of the energy company’s stock valued at $8,710,000 after buying an additional 27,768 shares in the last quarter. Caxton Associates LP bought a new stake in Covanta Holding Corporation during the first quarter valued at $510,000. Finally, Tudor Investment Corp ET AL bought a new stake in Covanta Holding Corporation during the first quarter valued at $197,000. Institutional investors and hedge funds own 90.04% of the company’s stock.
Shares of Covanta Holding Corporation (NYSE:CVA) traded down 1.36% during trading on Tuesday, reaching $14.50. 781,055 shares of the company were exchanged. Covanta Holding Corporation has a 1-year low of $13.00 and a 1-year high of $16.50. The firm has a 50-day moving average price of $13.76 and a 200-day moving average price of $14.83. The stock’s market capitalization is $1.89 billion.
Covanta Holding Corporation (NYSE:CVA) last announced its quarterly earnings data on Thursday, July 27th. The energy company reported ($0.22) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.04. Covanta Holding Corporation had a negative net margin of 1.41% and a negative return on equity of 9.81%. The firm had revenue of $424 million during the quarter, compared to analyst estimates of $416.18 million. During the same quarter in the previous year, the business posted ($0.22) earnings per share. Covanta Holding Corporation’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities research analysts predict that Covanta Holding Corporation will post ($0.23) earnings per share for the current fiscal year.
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Several research firms have recently weighed in on CVA. BidaskClub raised shares of Covanta Holding Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. BMO Capital Markets raised shares of Covanta Holding Corporation from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $16.00 to $17.00 in a research note on Monday, July 31st. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of Covanta Holding Corporation in a research note on Monday, July 17th. Stifel Nicolaus raised shares of Covanta Holding Corporation from a “hold” rating to a “buy” rating and lifted their price target for the company from $15.50 to $17.00 in a research note on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of Covanta Holding Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.28.
In other news, insider Paul E. Stauder sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $14.50, for a total value of $36,250.00. Following the sale, the insider now directly owns 30,639 shares in the company, valued at approximately $444,265.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald J. Broglio sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $14.33, for a total transaction of $42,990.00. Following the completion of the sale, the director now owns 8,672 shares in the company, valued at $124,269.76. The disclosure for this sale can be found here. 11.60% of the stock is currently owned by company insiders.
About Covanta Holding Corporation
Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada.
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